[Lamplighter]

BBC News
11/15/12

BP to get record US criminal fine over Deepwater disaster

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
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.<snip>

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 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.<snip>

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.<snip>

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.