BP said Thursday that it has reached a $175 million settlement for a class action securities lawsuit related to the Deepwater Horizon spill.
The company said BP and representatives of the class have agreed to settle their class claims for $175 million that will payable during 2016 and 2017, subject to court approval.
In May 2014, a Houston federal district court judge granted class action status to a group of shareholders who purchased American depository shares in BP following the Deepwater accident.
The shareholders claimed that BP underestimated the size of the spill and that the share price at the time of purchase did not adequately reflect the scale of the accident, Reuters said.
BPsaid the settlement does not resolve other securities-related litigation connected to the Gulf of Mexico oil spill.
Earlier this year, a New Orleans federal judge approved a $20 billion settlement reached between BP, the U.S. Department of Justice and five Gulf states tied to the Deepwater Horizon accident.
The funds will be paid out over the course of 16 years.
