BP Agrees To Criminal Plea, $4 Billion Settlement In Gulf Oil Spill Case

Source: Steven Mufson / The Washington Post

In addition, the London-based oil giant will pay $525 million over three years to settle claims with the Securities and Exchange Commission.

BP said it would increase its existing $38.1 billion charge against earnings for the spill by $3.85 billion.

The criminal settlement does not cover federal civil claims, including Clean Water Act claims, federal and state claims of damages to natural resources or private civil claims. Settling those will probably cost BP billions of dollars more and the company said it is “prepared to vigorously defend itself against remaining civil claims.”

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