BP Nears Settlement With U.S. on Deepwater Horizon

BP (NYSE: BP  ) confirmed this morning that it is in "advanced discussions" with the Department of Justice and the Securities and Exchange Commission regarding "proposed resolutions of all US federal government criminal and SEC claims against BP in connection with the Deepwater Horizon incident."

BP said in a statement on its website that final agreement has not been reached, and even once it is, a federal court would have to approve the deal. The Washington Post and other news organizations are quoting unnamed sources as saying the BP penalty could be up to $5 billion. The AP is reporting that two BP employees face manslaughter charges in connection with the April 2010 explosion that killed 11 people and credits an unnamed person "familiar with the deal" as saying BP will plead guilty to obstruction of justice for lying to Congress about how much oil was leaking from the well.

BP said the proposed resolutions are not expected to cover federal civil claims, including Clean Water Act claims and federal and state natural resource damages claims; private civil claims; private securities claims; and state economic loss claims.

This announcement comes as a U.S. Disctrict Court judge is preparing to rule on a planned settlement of 100,000 individual and business complaints related to the Deepwater Horizon disaster.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2114826, ~/Articles/ArticleHandler.aspx, 7/22/2014 10:27:53 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement