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BP settles with US for $4.5 billion in Gulf spill

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Posted: Nov 15, 2012 7:36 AM
Updated: Nov 15, 2012 11:59 AM
Source: Associated Press

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Topics: bp, settlement, penalty, deepwater horizon, oil spill, gulf, explosion, wbrz, louisiana

NEW ORLEANS - U.S. Attorney General Eric Holder will speak in New Orleans about the government's $4.5 billion settlement with BP over the massive 2010 oil spill in the Gulf of Mexico.

The Department of Justice said Holder and top U.S. officials will hold a news conference at 1:00 p.m. CST about the wide-ranging settlement.

London-based BP PLC said in a statement it agreed to the penalty and to plead guilty to criminal charges including 11 felony counts of misconduct related to the deaths of 11 men in the rig explosion that triggered the oil spill.

The settlement total of $4.5 billion over five years includes nearly $1.3 billion in criminal fines - the largest such penalty ever - along with payments to several government agencies.

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