BP Victims Awarded $7.8 Billion in Damages

Judge Carl J. Barbier of the Federal District Court in New Orleans issued an order late Friday night to award victims of the BP oil spill $7.8 billion in damages.

According to the New York Times, both sides have reached an agreement on the terms of a proposed class settlement which will be submitted to the court." That agreement suspends the trial to determine who was at fault for the explosion aboard the Deepwater Horizon that caused the disaster. The trial was scheduled to begin on Monday.

Preparations for that trial produced "72 million pages of documents and included the depositions of more than 300 witnesses."

What comes next: The proposal is submitted to the court for approval. Barbier will set a conference with lawyers for both sides "to discuss issues raised by the settlement" and to set a new trial date. Either side has the right to terminate the settlement within 45 days.