"" BP Plc (BP/) and plaintiffs suing over the 2010 Gulf of Mexico oil spill are discussing a $14 billion accord that would be funded with money originally set aside by the company for out-of-court settlements, according to three people familiar with the talks.
BP would agree to close down its $20 billion Gulf Coast Claims Facility and shift the remaining $14 billion to plaintiffs who contend the spill harmed their businesses and properties, the people said. BP set up the fund in August 2010 to allow spill victims to receive compensation more quickly than they would by pursuing lawsuits. The fund has paid out about $6 billion so far, according to its website. ""
Speculation was the top end of BP's liability could top $50b. $14 + $6 is a lot less than $50. The stock has been trading with some possibility of that $50b number; now it will trade with a much less likely possibility of that number.