BP To Pay $4 Bln Fine to Justice Department

Oil company will also pay $525 mln fine to SEC to settle charges for 2010 oil spill.

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. The company agreed to five years’ probation and also will pay $525 million to settle charges with the Securities and Exchange Commission, according to a press release.

11 Killed

The April 2010 the company’s Macondo well blowout and the explosion that followed killed 11 workers and set off the worst offshore oil spill in U.S. history. The sinking of Transocean Ltd.’s Deepwater Horizon drilling rig and the spill led to hundreds of lawsuits against BP and its partners and contractors.

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