BP Announces $4.7 Billion Oil Spill Lawsuit Settlement

British oil supermajor BP reached a tentative $4.7 billion settlement with individual plaintiffs who are seeking damages related to the 2010 Deepwater Horizon oil rig failure. The disaster, which spewed millions of barrels of oil into the Gulf of Mexico, caused extensive environmental and economic damage before the spill was contained three months later.

The $4.7 billion figure, however, may not be the end of the oil giant's legal drama, Bloomberg.com reported, as both sides agree that the number may increase.

BP released a press release early Saturday morning seeking to reassure investors, claiming that the money will come from a $20 billion trust fund that had been established previously, and that the settlement will not cost investors any additional money. Shares have been down over twenty percent since the April 2010 disaster.