Business

BP to pay record fine for 2010 spill: sources

  • letters@hindustantimes.com, Reuters, Houston/Washington
  • |
  • Updated: Nov 15, 2012 11:28 IST

BP Plc is expected to pay a record US criminal penalty and plead guilty to criminal misconduct in the 2010 Deepwater Horizon disaster through a plea deal reached with the Department of Justice (DoJ) that may be announced as soon as Thursday, according to sources.

The sources did not disclose the amount of BP's payment, but one said it would be the largest criminal penalty in US history - a record now held by Pfizer Inc, which paid a $1.3 billion fine in 2009 for marketing fraud related to Bextra pain medicine.

Three sources, who spoke to Reuters on condition of anonymity, said BP would plead guilty in exchange for a waiver of future prosecution on the charges.

BP said it was in 'advanced discussions' with the DoJ and the Securities & Exchange Commission but added no final agreement had been reached.

 

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