(Infrogmation, Creative Commons)

The plaintiffs’ representative stated that the settlement will “be fully funded by BP, with no cap on the amount BP will pay” and “will fully compensate hundreds of thousands of victims of the tragedy.”

Bob Dudley, CEP of BP, stated:

"The proposed settlement represents significant progress toward resolving issues from the Deepwater Horizon accident and contributing further to economic and environmental restoration efforts along the Gulf Coast.”

However, the company still must face claims from the federal and state governments, as well as drilling firms, BBC reports.

The Gulf of Mexico oil spill was the largest in United States history, lasting three months after an explosion on the Deepwater Horizon oil rig, which killed 11 people. The spill “spewed millions of barrels of oil into the Gulf of Mexico, fouling beaches, killing wildlife and disrupting the economies of Gulf Coast States,” according to the New York Times.

The investigation following the explosion unearthed “a series of errors by BP, the owner of the well, as well as by Transocean, the owner of the rig, and by Halliburton, which performed the cement job. The first phase of the trial was intended, in part, to apportion blame among the defendants.”

BP, thus far, has not admitted liability for the spill.

Reach Executive Producer Cara Palmer here or follow her on Twitter.