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Record fine for BP in Deepwater disaster fallout
British oil and gas company BP has been stung with the largest criminal fine in US history as part of a $4.5 billion settlement in the fallout from the fatal 2010 Deepwater Horizon disaster.
BP is to appeal a judgement over the Gulf oil spill
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The BBC reports that two BP workers have also been indicted on manslaughter charges while an ex-manager was charged with misleading congress.
Guilty plea
BP is set to cough up more than $4bn to the Department of Justice (DOJ), of which $1.26bn is a criminal fine. More than half of the $4bn is set to be paid to the National Fish and Wildlife Foundation, while $350 million will be paid to the Academy of Sciences, over a period of five years. BP will also pay an additional $525m to the Securities and Exchange Commission over a period of three years.
Another stipulation of the settlement will see BP plead guilty to 14 criminal charges related to the disaster.
Hard work
US Attorney General Eric Holder said its resolution ‘stands as a testament to the hard work of countless investigators, attorneys, support staff members, and other personnel.’
BP chief executive Bob Dudley commented: ‘All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region.
‘From the outset, we stepped up by responding to the spill, paying legitimate claims and funding restoration efforts in the Gulf. We apologise for our role in the accident, and as today's resolution with the US government further reflects, we have accepted responsibility for our actions.’
BP added that the settlement will allow the company to defend itself vigorously against remaining civil claims. It will also contest allegations of gross negligence in those cases.
