Judge Approves $20 Billion Settlement For Deepwater Horizon

Six years after the disastrous oil spill, BP will finally have to pay up.

Today a federal judge for the聽$20 billion settlement that stemmed from the BP聽Deepwater Horizon disaster in the Gulf of Mexico聽six years ago. The settlement, which was announced last July,聽includes $5.5 billion in penalties related to the Clean Water Act and nearly聽$7聽billion for environmental restoration work, paid out over the course of 16 years. It's the largest fine that the U.S. Department of Justice has ever聽doled out to an聽individual company or person.

The disaster, which unfolded over the course of the spring and summer of 2010,聽killed 11 people聽and an estimated 1 million birds and other wildlife.聽Last January, BP's lawyers' pleaded with a federal court for lesser damages. The聽Justice Department's attorney said in response: "BP's litigation position in this phase suggests that it still doesn't understand the gravity of what's happened here;聽they continue to focus on their own hardships rather than the hardships of the environment and the people."聽

鈥淚t鈥檚 finally time for BP to pay for what they broke.聽Now we can focus on rebuilding America's Delta," David Yarnold, 探花精选's CEO, said in a statement today. For more聽news聽coverage on the聽spill and stories about the聽revival of the Gulf, .