BP agrees to pay largest penalty in US history

BP has agreed to pay a record criminal fine in US history, $4.5 billion, to restore all criminal charges deriving from the fatal oil rig explosion and catastrophic oil spill in the Gulf of Mexico. BP’s fine is an additional blow to British business prestige as Guardian reports, after the previous one on GlaxoSmithKline which was hit with a $3 billion US fine, the largest in the  pharmaceutical sector.

BP pleaded guilt to 11 charges of manslaughter (eleven people died when the rig exploded in the Gulf of Mexico, resulting in the biggest ever offshore oil spill) and “misdemeanours” under the Clean Water Act. 

Behalf of BP it is thought that this decision was “in the best interest of shareholders” yet there are civil claims that the London-based company will have to deal with. Moreover, it is in the final stages of tying up a settlement with private claimants worth a further $7.8bn.

You can find the whole article here http://www.guardian.co.uk/business/2012/nov/15/bp-fine-draw-line-deepwater

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s