BP will pay the largest criminal penalty in US history to settle charges and claims arising from the devastating 2010 Gulf of Mexico oil spill, a source close to the case said Thursday.
The amount of the settlement — reportedly between $3 and $5 billion — will be announced later in the day, the source told AFP, dubbing it the “largest criminal penalty in US history.” BP declined to confirm the reported deal, but issued a statement earlier Thursday saying it was in “advanced talks” with the US Justice Department and the Securities & Exchange Commission. BP said the proposed resolutions were not expected to cover federal civil claims, including damages under the Clean Water Act, federal and state natural resources damages claims or outstanding private civil claims. “Until final agreements are reached, there can be no certainty any such resolutions will be entered into,” BP said.
