BP says it has reached a $7.8 billion settlement with plaintiffs, both businesses and individuals, that had sued over the 2010 Deepwater Horizon rig explosion and oil spill, reports the News Service of Florida. BP said in a company release that the settlement will be paid out the $20 billion victim compensation trust fund that it had set up. A trial had been scheduled to start Monday in New Orleans on liability for the explosion. With the settlement, the trial now won’t go forward, though the court must approve the settlement terms. BP has said it has spent more than $20 billion in the aftermath of the April, 2010 explosion that ended up causing the largest oil spill in U.S. history. The majority of that was money spent responding, but that also includes more than $8 billion paid out to business owners who lost money because of the spill’s effect on beaches, and repaid to local governments for their response and cleanup costs. The company still faces claims by the federal government for violations of the Clean Water Act and other damages. The company may also continue to face other litigation, such as claims filed by shareholders.