BP to settle Deepwater Horizon claims for $18.7 billion

<p&gt<b&gt$2.3 billion</b&gt</p&gt
The size of an oil spill fine BP has said would imperil its U.S. operations in the Gulf of Mexico

HOUSTON — BP has agreed to pay a record $18.7 billion to settle federal and state claims against it for its role in the Deepwater Horizon oil spill, sidestepping years of litigation with a promise to pour funds for nearly two decades into efforts to repair vast environmental damage in the Gulf region.

The pact, subject to court approval, would require the London oil major to pay the sum over the next 18 years in installments of $1.1 billion a year for most of the payment period. Weeks of negotiations between BP and the Justice Department ended in a […]