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BP to get record US criminal fine over Deepwater disaster | BP to get record US criminal fine over Deepwater disaster |
(35 minutes later) | |
BP is set to receive a record fine of between $3bn and $5bn (£1.9bn-£3.2bn) to settle criminal charges related to the 2010 Deepwater Horizon disaster, the BBC has learnt. | BP is set to receive a record fine of between $3bn and $5bn (£1.9bn-£3.2bn) to settle criminal charges related to the 2010 Deepwater Horizon disaster, the BBC has learnt. |
It will be the biggest criminal penalty in US history, BBC business editor Robert Peston says. | It will be the biggest criminal penalty in US history, BBC business editor Robert Peston says. |
The settlement with the Department of Justice involves BP pleading guilty to criminal charges. | |
It is thought that up to four BP staff may be arrested, Robert Peston says. | |
Details of the settlement are expected to be confirmed by the Washington-based Department of Justice later. | |
Earlier, BP said it was in "advanced discussions" with US agencies about settling criminal and other claims. | Earlier, BP said it was in "advanced discussions" with US agencies about settling criminal and other claims. |
BP said that any deal would not include a range of other claims including individual and federal claims for damages under the Clean Water Act, and state claims for economic loss. | |
The 2010 Deepwater Horizon disaster killed 11 workers and released millions of barrels of crude into the Gulf of Mexico over 87 days. | The 2010 Deepwater Horizon disaster killed 11 workers and released millions of barrels of crude into the Gulf of Mexico over 87 days. |
The settlement is much bigger than the largest previous corporate criminal penalty assessed by the Department of Justice, the $1.2bn fine imposed on drug maker Pfizer in 2009. | The settlement is much bigger than the largest previous corporate criminal penalty assessed by the Department of Justice, the $1.2bn fine imposed on drug maker Pfizer in 2009. |
The oil giant has been selling assets worth billions of pounds to raise money to settle all claims. The company is expected to make a final payment of $860m into the $20bn Gulf of Mexico compensation fund by the end of the year. | The oil giant has been selling assets worth billions of pounds to raise money to settle all claims. The company is expected to make a final payment of $860m into the $20bn Gulf of Mexico compensation fund by the end of the year. |
BP has booked provisions of $38.1bn to cover its liabilities from the incident, but the company has said the final cost remained highly uncertain. | BP has booked provisions of $38.1bn to cover its liabilities from the incident, but the company has said the final cost remained highly uncertain. |