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BP Agrees To Record $20.8B Fine For 2010 Gulf Oil Spill

The company responsible for the Deepwater Horizon oil spill will pay a record settlement to cover damages.

By Leah Becerra | October 5, 2015

BP will pay $20.8 billion to cover damages from the Deepwater Horizon oil spill.

"Making it the largest settlement with a single entity in American history," said Attorney General Loretta Lynch.

Including civil claims under the Clean Water Act: $5.5 billion. (Video via RT)

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Natural resources damages claims under the Oil Pollution Act: $7.1 billion. Plus $1 billion BP committed to pay for restoration work. (Video via U.S. Coast Guard)

Economic damages claims for Gulf states: $4.9 billion. (Video via U.S. Navy)

And up to $1 billion for local governments.

"Once approved by the court, this agreement will launch one of the largest environmental restoration efforts the world has ever seen," Lynch said.

This video includes images by Getty Images.

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