BP says it reached $7.8 billion deal on suit over 2010 Gulf oil spill NEW ORLEANS -- BP and a committee representing plaintiffs suing over the 2010 Gulf oil spill have reached an estimated $7.8 billion agreement to settle the lawsuit, company officials said late Friday. Federal Judge Carl Barbier, who also announced the settlement pact, said as a result of the deal, the trial scheduled to begin Monday has been postponed for a second time. The agreement will be filed with the court for approval, Barbier said. The settlement will likely result in a realignment of the parties in this litigation and require substantial changes to the current trial plan, he said. Bob Dudley, BP Group CEO, said in a statement obtained by NBC News that the oil company worked for two years to meet its obligations to the Gulf Coast region. "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," Dudley said. BP said it estimated that the cost of the proposed settlement, expected to be paid from a $20 billion trust, would be approximately $7.8 billion. This includes a BP commitment of $2.3 billion to help resolve economic loss claims related to the Gulf seafood industry. Before the proposed settlement, BP said, the company spent more than $22 billion, including paying out more than $8.1 billion to individuals, businesses and government entities and $14 billion on "operational response." The proposed settlement does not include claims against BP made by the U.S. Department of Justice or other federal agencies, including those under the Clean Water Act and for Natural Resource Damages under the Oil Pollution Act, or by states and local governments, BP said.