Reuters logo
BRIEF-BP resolves criminal, securities claims by U.S. on Deepwater Horizon
November 15, 2012 / 4:25 PM / in 5 years

BRIEF-BP resolves criminal, securities claims by U.S. on Deepwater Horizon

LONDON, Nov 15 (Reuters) - BP PLC : * BP re: US government settlement * Resolution of all criminal and securities claims by U.S. government against

company relating to Deepwater Horizon accident * Resolution of all criminal claims with DOJ includes $4 billion paid in

installments over a period of five years * Existing $38.1 billion charge against income to increase by approximately

$3.85 billion * BP is prepared to vigorously defend itself against remaining civil claims * Resolution of all securities claims with SEC includes $525 million paid in

installments over a period of three years * We believe this resolution is in the best interest of BP and its shareholders * Agreed to plead guilty to 11 felony counts of misconduct or neglect of ships

officers relating to loss of 11 lives * Pleaded guilty to one misdemeanor count under the clean water act * Pleaded guilty to one misdemeanor count under the migratory bird treaty act * And one felony count of obstruction of congress * Resolution also provides for the appointment of two monitors, both with terms

of four years * Ethics monitor will review,provide recommendations for improvement of co’s

code of conduct and its enforcement * Not been advised of intention of any federal agency to suspend or debar the

company in connection with this plea agreement * Aggregate amount of the resolution is approximately $4.5 billion, with

payments scheduled over a period of six years * Anticipated that the cash outflows can be met within BP’s current financial

framework * BP has also agreed to a term of five years’ probation

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below