BP (BP) Near Deal with U.S. on Gulf Oil Spill Settlement

November 15, 2012 6:44 AM EST
BP (NYSE: BP) confirmed it is in advanced talks with the United States related to a settlement of the Deepwater Horizon oil spill.

While terms of the settlement are not known, Attorney General Eric Holder is expected to make an announcement on the deal in a new conference on Thursday afternoon.

BP Statement:
BP confirms that it is in advanced discussions with the United States Department of Justice (DoJ) and the Securities & Exchange Commission (SEC) regarding proposed resolutions of all US federal government criminal and SEC claims against BP in connection with the Deepwater Horizon incident. No final agreements have yet been reached and any resolutions, if agreed, would be subject to federal court approvals in the United States.

The proposed resolutions are not expected to cover federal civil claims, including Clean Water Act claims, federal and state Natural Resource Damages claims; private civil claims in MDL 2179 that were not covered by the PSC settlement, private securities claims pending in MDL 2185 or state economic loss claims.

A further announcement will be made if and when final agreements are reached. Until final agreements are reached, there can be no certainty any such resolutions will be entered into.

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