By Margaret Cronin Fisk (Bloomberg) -- BP Plc heads into a sprawling trial Monday over who is liable for the biggest offshore oil spill in U.S. history with an early victory, after a judge ruled some documents related to its criminal conviction can’t be used. In November, BP reached a deal with the U.S. Justice Department, agreeing to pay $4 billion to resolve the … [Read more...]
Judge Approves $4 Billion Deepwater Horizon Plea Deal
By Tom Fowler A federal judge approved a $4 billion settlement of criminal charges Tuesday between BP PLC (BP, BP.LN) and the U.S. Justice Department over the deadly 2010 Deepwater Horizon accident in the Gulf of Mexico. Judge Sarah Vance made the ruling in New Orleans during a hearing where victims of the explosion and their families were allowed to speak out against the … [Read more...]
BP Managers Plead Not Guilty to Deepwater Horizon Criminal Charges
(Bloomberg) -- Two BP Plc well-site managers and a former executive pleaded not guilty to criminal charges growing out of the 2010 Gulf of Mexico oil spill appeared in court to enter pleas. Robert Kaluza, Donald Vidrine and David Rainey appeared today before U.S. District Judge Ivan L.R. Lemelle in New Orleans. Lawyers for the three men said Nov. 15 that their clients are … [Read more...]
BP Settlement Seen As Credit Positive – Moody’s
LONDON--BP PLC's (BP.LN) $4.5 billion settlement with the U.S. Department of Justice and the Securities and Exchange Commission over criminal charges and claims arising from the 2010 Deepwater Horizon disaster are credit positive for the company because they clarify the level of the criminal penalties, Moody's said this week. Furthermore, the fact that BP has accepted … [Read more...]
Is BP A Potential Takeover Target?
(Bloomberg) -- Bob Dudley shrank BP Plc to save it. The onetime Mississippian and current chief executive officer has sold more than $50 billion of assets to pay the costs of the worst U.S. oil spill in history in 2010. Rescued from the brink of collapse, Europe’s second-largest oil company is now seen as vulnerable to a takeover. BP is the cheapest of the … [Read more...]
BP Charges Explained
By Joe Palazzolo BP PLC has agreed to plead guilty to a number of felony and misdemeanor charges stemming from the Deepwater Horizon disaster that killed 11 workers in 2010. All told, the company will pay $4.5 billion in penalties. Here's the rap sheet: -- Eleven felony counts of "Misconduct or Neglect of Ships Officers" relating to the deaths aboard the drilling … [Read more...]
BP Reaches $4.5B Settlement with US DOJ, Pleads Guilty to 11 Felony Charges [UPDATE]
![BP Reaches $4.5B Settlement with US DOJ, Pleads Guilty to 11 Felony Charges [UPDATE]](https://gcaptain.com/wp-content/uploads/2012/11/alg_oil_rig_explosion-207x125.jpeg)
(Bloomberg) -- BP Plc reached a settlement with the U.S. government for $4.5 billion that will end all criminal charges and resolve securities claims relating to the worst U.S. oil spill. The London-based company announced a $4 billion settlement today with the U.S. Justice Department that includes a record $1.256 billion criminal fine, which would be paid over five years. … [Read more...]