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BP agree to pay $4.5 billion over Deepwater Horizon disaster - it is biggest criminal penalty in US history

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15 November 2012

BP gets record US criminal fine over Deepwater disaster

Author: BBC

BP has received the biggest criminal penalty in US history after agreeing to pay $4.5bn (£2.8bn) to settle criminal charges related to the 2010 Deepwater Horizon disaster…The settlement with the Department of Justice involves BP pleading guilty to criminal charges…"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," said Bob Dudley, BP's chief executive…It is thought that a small number of BP staff may be arrested…The 2010 Deepwater Horizon disaster killed 11 workers and released millions of barrels of crude into the Gulf of Mexico over 87 days. [also refers to Transocean, Anadarko, Moex (part of Mitsui) Pfizer]

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15 November 2012

BP Remains in Troubled Waters Over Oil Spill

Author: Selina Williams, Wall Street Journal

BP's expected settlement with the U.S. Department of Justice and the Securities and Exchange Commission over the 2010 Deepwater Horizon disaster in the Gulf of Mexico would mark another step down the road to resolving the liabilities from the 2010 explosion…But even if many outstanding questions about the ultimate financial hit on BP are answered…Thursday, other big ones remain unresolved. Crucially, the potential settlement with the DoJ and the SEC doesn’t include environmental penalties…BP could be liable for a maximum penalty of $5.4 billion under the Clean Water Act, rising to as much as $21 billion if the company is found to be grossly negligent, which it has denied.

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