BP agrees to settlement with the federal and state governments

On July 2, 2015, British Petroleum (BP) announced that it had agreed in principle to settle the civil claims arising out of the Deepwater Horizon Gulf Oil Spill disaster. If the U.S. District Court for the Eastern District of Louisiana approves this settlement agreement, it will be the largest environmental settlement in U.S. history, as well as the largest settlement between the U.S. government and a single entity.