A wildlife official displays oil from a marsh found a...

A wildlife official displays oil from a marsh found a year ago at Middle Ground in southern Louisiana. The inspection was a year after the BP oil spill coated Gulf coast beaches and marshes. The company and plaintiffs have reported (April 19, 2011) Credit: Getty Images

 BP and a team of plaintiffs' attorneys have presented a federal judge with the details of a proposed class-action settlement designed to resolve billions of dollars in economic damage claims spawned by the 2010 oil spill in the Gulf of Mexico.

The company and lawyers representing more than 100,000 individuals and businesses are asking U.S. District Judge Carl Barbier to give his preliminary approval to the agreement filed Wednesday in New Orleans.

Barbier hasn't indicated when he will rule.

London-based BP Plc estimates it will pay about $7.8 billion to resolve private party claims, but the settlement doesn't have a cap.

The agreement announced March 2 doesn't resolve separate claims by the federal government and Gulf states against BP and its contractors over the nation's worst offshore oil spill.

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