CNN MONEY: BP To Pay Record Fine For Gulf Coast Oil Spill

Source: Charles Riley and Terry Frieden / CNN Money

NEW YORK – BP will pay a record U.S. fine to settle criminal claims arising from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, a Department of Justice official said Thursday.

The Justice Department says the largest U.S. criminal fine ever was a $1.3 billion payment by drugmaker Pfizer (PFEFortune 500) in 2009, part of a $2.3 billion settlement in a case involving the misbranding of Bextra, an anti-inflammatory arthritis drug.

Details of the BP settlement would be revealed later Thursday when Attorney General Eric Holder joins federal and local officials in New Orleans for an announcement, DOJ officials told CNN.

The London-based oil company said earlier that negotiations with the Justice Department and the Securities and Exchange Commission were “advanced.” The company had no further comment.

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