Federal Judge Approves BP's $7.8 billion Settlement in 2010 Deepwater Horizon Oil Spill Lawsuit; Nearly 2,000 More Lawsuits Could Still Be Coming

BP will have to shell out $7.8 billion as a settlement after the 2010 oil spill in the Gulf of Mexico.

A federal judge Friday signed off on the oil company's multi-billion dollar settlement going towards economic and medical claims made by more than 100,000 plaintiffs comprised of businesses and individuals that were affected by the worst offshore oil spill in U.S. history.

That oilspill affected individuals in multiple states dependent on the commerce created by the Gulf of Mexico, including Louisiana, Mississippi, Alabama and some coastal counties in eastern Texas and western Florida.

U.S. District Judge Carl Barbier wrote in his 125-page ruling Friday, "None of the objections, whether filed on the objections docket or elsewhere, have shown the settlement to be anything other than fair, reasonable, and adequate."

More than 1,700 plaintiffs dropped their suit against the company after Barbier approved the structure of the settlement in the spring, opting to pursue individual cases against BP; meaning that the company will likely be facing more lawsuits.

Attorneys from both the plaintiffs and BP weighed in on the settlement on Friday.

"We believe the settlement, which avoids years of lengthy litigation, is good for the people, businesses and communities of the Gulf and is in the best interests of BP's stakeholders," company spokesman Scott Dean said in a statement emailed to The Associated Press.

"Today's decision by the Court is another important step forward for BP in meeting its commitment to economic and environmental restoration efforts in the Gulf and in eliminating legal risk facing the company."

"This settlement has - and will continue to - bring the people and businesses of the Gulf the relief they deserve," plaintiffs' attorneys Steve Herman and Jim Roy wrote.

The Deepwater Horizon accident that occurred on April 20 during the final phases of drilling the exploratory well in the Gulf of Mexico left 11 people dead after an explosion on the rig and spilled some 200 million barrels of crude oil into the gulf's waters.

The closure to the gulf for several months and the damage it left to marine wildlife affected commercial and recreational commerce such as fishing and shrimping.

However, the settlement reflects that plaintiffs won't have to wait as long for damages to be paid. The infamous Exxon Valdez oil spill in 1989 took 15 years of lengthy litigation before victims in the spill could see any money paid back from Exxon for the oil spill.

"This is a positive development, but my focus remains on holding BP and the other defendants accountable for the extraordinary economic and environmental damage inflicted on Alabama," said Alabama Attorney General Luther Strange in a statement. "I look forward to going to trial in February."