Washingon: US Attorney General Loretta Lynch, the nation`s top law enforcement official, on Thursday hailed the record $18.7 billion settlement with BP on federal and state civil claims over its 2010 Gulf of Mexico oil spill.
"If approved by the court, this settlement would be the largest settlement with a single entity in American history," Lynch said in a statement.
"It would help repair the damage done to the Gulf economy, fisheries, wetlands and wildlife, and it would bring lasting benefits to the Gulf region for generations to come."
Lynch said the process of finalizing the proposed agreement, which includes taking public comment, likely would take several months.
BP`s Deepwater Horizon oil spill in the Gulf of Mexico in April 2010 was the largest environmental disaster in US history.
The $18.7 billion deal announced by BP on Thursday settles civil claims against the British oil company filed by the US government and five Gulf Coast states: Alabama, Florida, Louisiana, Mississippi and Texas.
Lynch`s predecessor, Eric Holder, announced a civil lawsuit against BP and its co-defendants in December 2010.
"Since that time, the Deepwater trial team has fought aggressively in federal court for an outcome that would achieve this mission, proving along the way that BP`s gross negligence resulted in the Deepwater disaster," Lynch said.
