Settlement Reached in BP Litigation

John Schwartz at the New York Times reports that the litigation surrounding the BP Deepwater Horizon Oil Spill has settled for all of the litigants except the federal government.  The Judge overseeing the litigation issued the order late Friday night and will review the settlement. 

Here's the report from Bloomberg as well.

According to these reports, either the settlement will be paid by the $20 billion fund BP created to compensate victims or the fund will close and be replaced by a court overseen claims facility.  In any event, the amount of the settlement is $7.8 billion that from these reports is not in addition to the $20 billion already set aside. 

More to come. ADL