Advertisement

HindustanTimes Sat,26 Jul 2014

BP to pay record fine for 2010 spill: sources

letters@hindustantimes.com, Reuters   Houston/Washington, November 15, 2012
First Published: 23:27 IST(15/11/2012) | Last Updated: 23:28 IST(15/11/2012)

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.

Advertisement

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.


Advertisement
more from Business

Market extends record-breaking run, Sensex zooms 2%; IT shines

The market continued its north-bound journey for the second straight week, propelling both the key indices, Sensex and Nifty, to new peaks on buying in IT, tech, FMCG and pharma counters on uninterrupted foreign fund inflows and some robust Q1 earnings.

markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved