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BP Agrees to Record $4.5B Settlement

Largest criminal payment in history

On Thursday, oil giant British Petroleum announced that it would pay a $4.5 billion settlement to the U.S. government; federal officials also released an indictment that charged two BP employees with manslaughter. The settlement includes $1.3 billion in criminal fines, the largest such payment in U.S. history. As part of the settlement, BP admitted to felony misconduct and lying to Congress. The company is still subject to other claims, including charges related to damage to natural resources, claims from local governments, and losses related to the government's moratorium on drilling after the spill. A presidential commision in 2011 found that the Gulf spill was the result of reckless time-saving and cost-cutting measures. Before Thursday, the only individual to be charged was a BP engineer who was arrested in April for deleting text messages that proved a company cover-up of the extent of the disaster.

Via Associated Press

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Filed To: News