BP Reaches $250 Million Settlement in Gulf Spill

BP and Cameron International drop claims against each other

Friday, Dec 16, 2011  |  Updated 2:26 PM CDT
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BP Reaches $250 Million Settlement in Gulf Spill

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BP reaches $250 million settlement from the maker of the blowout preventer that resulted in the oil spill.

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BP says it will receive $250 million from the maker of the blowout preventer that failed to halt oil spewing from BP's busted well in the Gulf of Mexico.

Under the agreement announced Friday, BP and Cameron International will drop all claims against one another.

BP says the money will be put into the $20 billion fund set up to compensate victims of the April 2010 spill.

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