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Florida Attorney General Pam Bondi discusses oil spill settlement in Tampa

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TAMPA, Florida — Florida Attorney General Pam Bondi says a settlement with oil company BP prevents going down a "black hole" of litigation.

During a news conference at the Port of Tampa on Thursday, Bondi announced the settlement terms.

Florida is receiving the most money of any state — $3.25 billion.

In early 2016, Florida will receive the first of the funds, more than $400 million for economic losses. Three-quarters of that money will go to Triumph Gulf Coast, a trust fund set up by the Legislature, to help the eight counties in the Florida Panhandle that were most affected by the spill. The final 25 percent of the money will be distributed by the Legislature.

The remaining funds will be distributed over the next 17 years.

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