In a ruling which marks the most recent development in the Gulf of Mexico oil spill case, US District Judge Carl Barbier has given his final approval to BP's settlement with businesses and individuals who suffered financial losses because of the spill.

With Judge Barbier approving the settlement in a ruling released over the weekend, BP will have to make a $7.8 billion (£4.8billion) payment to settle the claims from over 100,000 businesses and individuals who lost money in the Gulf of Mexico oil spill.

In addition to the settlement approved by Judge Barbier, BP has also either paid or agreed $4.5 billion (£2.7 billion) settlements in criminal penalties, which include $1.3 million (£800,000) in fines, conditional on a plea agreement with the US Department of Justice comprising guilty pleas to criminal charges involving the deaths of workers and concealing the facts about the amount of oil spilled.

Though Judge Barbier's final approval to the settlement has come after his preliminary approval in May, there has been no verdict on BP's medical settlement with clean-up workers who claimed that they became sick because of exposure to oil or dispersants.

Moreover, though BP will also make a $2.3 billion (£1.4billion) payment to cover seafood-related claims put forth by commercial fishing vessel owners, captains and crew, the ruling by Judge Barbier still does not resolve environmental-damage claims brought against BP and its Deepwater Horizon drilling rig partners, and claims against the rig's owner Transocean and cement contractor Halliburton.