$4.5 Billion Settlement in Works Between BP and Federal Government, After Guilty Pleas
Description: BP has pleaded guilty to a series of felony counts in connection with the 2010 oil spill and agreed to a pay more than $4 billion in fines and damages to the federal government over a period of five years. Among the guilty pleas :
(1) Eleven counts of Misconduct or Neglect of Ship's Officers relating to the loss of 11 lives
(2) One misdemeanor count under the Clean Water Act
(3) One misdemeanor count under the Migratory Bird Treaty
(4) One felony count of Obstruction of Congress.
BP says "13 of the criminal charges pertain to the accident itself and are based on the negligent misinterpretation of negative pressure tests conducted on board the Deepwater Horizon....The remaining criminal count pertains to two BP communications made to a member of congress during the spill response about flow rates.
BP has also agreed to resolve all securities claims with the Securities and Exchange Commission with payments of $525 million over three years.
BP says it has not agreed to five years probation, which appears to be one of the demands of the federal government. While BP and the Justice Department Attorneys have apparently agreed to the settlement, It still needs court approval.
Click here to see the Justice Department news conference on the settlement.
Click here to get a printed copy of what U.S. Attorney General Eric Holder had to say about the BP settlement with the federal government.
Click here to get a printed copy of what Assistant U.S. Attorney Lanny Breuer had to say about the settlement.
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