that caught fire is used in a variety of industrial processes including the manufacture of plastics. there is a major $18 billion settlement today between bp and five states after years of litigation over the 2010 oil still in the gulf of mexico. now that spill followed the explosion on the deep water horizon rig that killed 11 workers. bp will pay more than $18.7 billion to florida, alabama, mississippi, louisiana, and texas. the money will be used for environmental and economic restoration projects. more fallout for presidential candidate donald trump after making comments about mexico serta mattress company just announced it will not renew its license agreement with trump. in a statement the company said quote, serta values diversity and does not agree with nor endorse the recent statements made by mr. trump. coming up next we hear from some of the people who risk their own lives in the middle of
$18.7 billion. steve has the details from our miami bureau. reporter: jenna, if it goes through it would be the largest settlement in u.s. history. break down the 18. billion. texas will get 1 billion for the damage it suffered. alabama 2 billion and mississippi 2.2. and florida throe.5. and louisiana who suffered the brunt of the spill will get $6.8 billion. it will be paid over 18 years and florida s attorney ynl is calling bp a good corporate partner. the last thing we wanted to be tied up in a black hole of litigation that could have gone 15 or 20 or 30 years that perhaps our grandchildren would have seen the results of.
news conference by the police in washington. police are giving the all-clear after a lockdown at navy yard. unconfirmed reports of gunfire. authorities interviewing the person that made the 911 call that happened at about 7:45 this morning we believe. so no injuries reported. no sign of a suspect and no word that shots were fired. the navy yard scene after deadly shooting rampage 2013, 22 months ago. a military contractor aaron alexis killed 12 workers before he was fatally shot by police. 13 dead in total that day. when it starts we ll bring you there live in washington. 10:32. martha: word of the latest environmental fine in u.s. history. leaders from four gulf states louisiana mississippi florida alabama, announced a huge settlement in this case. $18.7 billion and it stems from the 10 bp oil spill.
recall earlier this year the mortgage providers settled with the feds and the attorney general the tune of $25 billion. came after accusations the banks had taken shortcuts, including robo signing of thousands of documents to speed up the foreclosure process. the fox business network s gerri willis is with us now. a judge in new york says the problem here, there is a big problem in all these credit card cases. that s right. says nine out of 10 cases in fact have some kind of error or problem with them. the credit card companies say they are not at fault. pressure express say we strongly disagree with judge s comments and good practice. american has strong process in place ensure testimony and affidavits provided to courts. how big a problem is credit card debt these days? huge $18.7 billion. that s the amount that people are late on and that s 3% of the total of debt. i should say that in these cases that we re talking
gerri: $118.7 billion. $431 billion went to the entities and the estimate from the tarp report, they will lose $60 billion on this deal, that is the estimate. and then we get it back. shepard: who owes the most? gerri: a.i.g., they owe the most. we own 70 percent of that company. g.m. detroit automaker owes $27 billion. and allied financial owes $15 billion, the former gmac and today there was a report their mortgage arm will go intro bankruptcy. shepard: the fear has been a double dip recession and now the statistics show great britain has entered a doubling digit. gerri: exactly. the quarter g.d.p. report down .2 percent second quarter in a row with negative growth.