He added the plans to be put forward later this year would "put in place a lasting and fair settlement for social care".
Communities secretary Eric Pickles told MPs it was a fair settlement.
Rick Coyle, from Unite said they wanted a "fair settlement".
The BBC said its priority remained "reaching a fair settlement".
"I think it's a fair settlement that it's in the best interests not only of the charity, but of the children of Afghanistan and others that the Central Asia Institute serves, " said Bullock.
We secured a fair settlement for the arts in the comprehensive spending review and we also reformed the National Lottery, increasing the share to the arts back to what it was when the Lottery was set up.
Negotiate for a fair settlement.
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The Justice Department last year reached a far smaller fair-lending settlement with two American International Group Inc.
The agreement, announced last Wednesday, was the largest residential fair-lending settlement in history.
Negotiating a fair divorce property settlement is complicated .
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But is this settlement reasonable and fair, given the terrible circumstances?
The plaintiffs and BP "believe that the settlement agreements are a fair, reasonable and adequate resolution of the claims, " the company said.
In other cases, there can be legitimate debate about whether the settlement demanded by the SEC was fair.
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"You have to consider a settlement, whether you think it's fair or not, " the person said.
Tuesday's settlement represents only the second time the SEC has extracted a penalty from a company that allegedly violated Regulation Fair Disclosure.
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