BP oil spill settlement reached for $4.5 billion

11/16/2012 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

New Orleans – A settlement has been reached between oil giant BP and the US government in connection with the 2010 Deepwater Horizon oil spill. As reported by the Associated Press (AP), the company stated Thursday that in addition to the settlement, it will plead guilty to multiple felony counts.

Carl-Henric Svanberg, BP’s Chairman, is quoted by the AP as stating of the case, “We believe this resolution is in the best interest of BP and its shareholders…It removes two significant legal risks and allows us to vigorously defend the company against the remaining civil claims.”

Included in the charges the company is expected to plead guilty to are misconduct or neglect of ships officers linked to the deaths of 11 workers in the explosion and obstruction of justice for lying to Congress.

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