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BP to get record US criminal fine over Deepwater disaster BP to get record US criminal fine over Deepwater disaster
(about 2 hours 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.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.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.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.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.
BP launched an internal investigation in the immediate aftermath of the explosion which concluded that no single cause was behind the accident, but "multiple companies, work teams and circumstances were involved over time".
Other companies involved included Transocean, the owner of the rig and responsible for the safety valve known as the blowout preventer, and Halliburton, who provided cementing services.
BP is yet to reach a settlement with these firms. A civil trial that will determine negligence is due to begin in New Orleans in February 2013.
BP has settled all claims with Anadarko and Moex, its co-owners of the oil well, and contractor Weatherford, receiving $5.1bn cash settlements from the three firms, which it has put into its $20bn compensation fund.
It has also reached a $7.8bn settlement with the Plaintiffs' Steering Committee, a group of lawyers representing victims of the spill.