Breaking News: Judge approves $20B settlement in BP oil spill

Federal Judge Carl Barbier has granted final approval of the estimated $20 billion settlement over the 2010 BP Deep Horizon oil spill. The settlement covers Clean Water Act penalties ($5.5 billion) and the claims by Texas, Louisiana, Mississippi, Alabama, Florida and local governments, including the City of Pensacola and Escambia County.

The money is to be paid out over a 16-year period.