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Judge to hold hearing on Gulf oil spill settlement

A federal judge in New Orleans is set to preside over a hearing on a proposed class-action settlement that would resolve billions of dollars in claims against BP over the 2010 oil spill in the Gulf of Mexico.

BP PLC and a team of plaintiffs' attorneys are seeking U.S. District Judge Carl Barbier's preliminary approval of the settlement agreement, which is designed to resolve more than 100,000 claims by people and businesses who blame the spill for economic losses. Barbier is scheduled to hear their request Wednesday.

BP estimates it will pay about $7.8 billion to resolve these claims, but the settlement doesn't have a cap.

The deal was announced March 2, but its details are spelled out in hundreds of pages of documents filed last week.

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