(NBC NEWS) BP and five Gulf states announced a massive settlement Thursday that resolves years of legal fighting over the environmental and economic damage done by the energy giant's oil spill in 2010.
Roughly $18.7 billion in settlement money will be used to resolve the Clean Water Act penalties; resolve natural resources damage claims; settle economic claims; and resolve economic damage claims of local governments, according to an outline filed in federal court. The settlement involves Florida, Alabama, Mississippi, Louisiana and Texas.