Update: BBC Reports BP Fine $3 Billion to $5 Billion
Nov 15th 2012 8:52AM
A report at the BBC claims the fine against BP PLC (NYSE: BP) in the settlement of criminal charges related to the explosion of the Deepwater Horizon in 2010 will be in the range of $3 billion to $5 billion.
The BBC also reports that up to four BP staff members will be charged and arrested. And the Associated Press reports that two BP employees will face charges of manslaughter related to the explosion.
The AP also says that the company will plead guilty to obstruction charges for lying to Congress about the extent of the spill.
BP is expected to make a final payment of $860 million into its $20 billion Gulf of Mexico compensation fund by the end of this year.
BP has booked more than $38 billion to pay liability claims related to the disaster that killed 11 workers and spilled more than 5 million barrels of oil into the Gulf of Mexico.
Here's our earlier report on this story.
Filed under: 24/7 Wall St. Wire, Commodities, Law, Oil & Gas Tagged: BP