British Petroleum and a small army of plaintiffs’ attorneys have presented a New Orleans federal judge with the formal terms of a proposed class-action settlement designed to resolve billions of dollars in economic damage claims spawned by the 2010 oil spill in the Gulf of Mexico.


BP and lawyers representing more than 100,000 individuals and businesses are asking U.S. District Judge Carl Barbier in New Orleans to give preliminary approval to the settlement agreement.

BP has estimated it will pay about $7.8 billion to resolve all the private party claims, which would make it one of the largest class-action settlements ever.

The judge hasn’t indicated when he will rule..