(NEW ORLEANS) -- BP announced on Friday that it has agreed to a settlement with Plaintiffs' Steering Committee to resolve economic loss, property damage and medical injury claims from the oil spill.
"From the beginning, BP stepped up to meet our obligations to the communities in the Gulf Coast region, and we've worked hard to deliver on that commitment for nearly two years,” BP Group CEO Bob Dudley said. "The proposed settlement represents significant progress toward resolving issues from the Deepwater Horizon accident and contributing further to economic and environmental restoration efforts along the Gulf Coast."
The cost of the proposed settlement is estimated to be about $7.8 billion—making it one of the largest class-action settlements in history.
The settlement does not, however, involve the Justice Department and a spokesman said, “Although we remain open to a fair and just settlement, we are fully prepared to try the case.”
Copyright 2012 ABC News Radio