Posted by: youngragingbull | January 29, 2013

Judge approves $4B BP oil spill settlement

A U.S. federal judge has approved a settlement that calls for BP PLC plead guilty to manslaughter and pay $4 billion in penalties for its part in a 2010 oil spill in the Gulf of Mexico, the Associated Press reported Tuesday.

The massive oil spill resulted from an explosion on the Deepwater Horizon oil rig that also killed 11 workers.

In November, BP agreed to plead guilty to charges related to the worker deaths and misleading Congress about the scope of the spill.

The AP added that Tuesday’s agreement does not cover the U.S. government’s civil claims against the company for environmental damage caused by the spill.

BP has already agreed to pay around $7.8 billion to settle claims brought by Gulf Coast residents and businesses.



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