Gulf oil spill trial to be delayed

Last Updated 4:38 p.m. ET

A federal trial over the nation's worst offshore oil disaster has been delayed for a week to allow more time for settlement talks.

BP and the Plaintiffs' Steering Committee confirmed that the U.S. District Court has today adjourned the start of litigation over the Deepwater Horizon disaster by one week, until March 5.

The adjournment is intended to allow BP and the PSC more time to continue settlement discussions and attempt to reach an agreement.

In a statement issued by the energy company's press office, BP said it and the PSC "are working to reach agreement to fairly compensate people and businesses affected by the Deepwater Horizon accident and oil spill."

Billions of dollars are at stake in the case.

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"The judge made the decision because he heard enough optimism from the lawyers involved in settlement talks to suggest that he'd be better off waiting on the trial

"The lawyers had to have to told the judge 'We're close, we are making progress, but we need a little more time,'" said Cohen. "And remember that there are literally thousands of people involved as lawyers and plaintiffs - it's not just a matter of a phone call or two to get everyone on board."

Cohen says both the judge and the parties involved must feel a delay is worth it, "if it results in a settlement that either ends the need for this massive trial or simply makes the trial smaller and less complex."