BP (BP) Could Pay 'Tens of Billions' More in Deepwater Horizon Civil Suit
Tweet
Share
E-mail
Get Alerts BP Hot Sheet
Join SI Premium – FREE
"Okay, everyone can leave the room. Except for you, BP, you can stay. We're not done with you yet." - the U.S.
Despite entering a $4.5 billion settlement with the U.S. over the 2010 Macondo incident in the Guld of Mexico, which led to one of the largest crude oil spills on record, BP plc (NYSE: BP) may be on the hook for billions more yet. According to Bloomberg, BP might be looking at paying an additional $17.6 billion in potential fines for violation of the Clean Water Act (CWA) and to help restore Gulf States' coastline to the condition it was in before the spill happened.
Chairman of Louisiana's Coastal Protection and Restoration Authority, Garret Graves, said BP was met with resistance when trying to settle both of the claims along with criminal violations and that future payments will "easily" be in the "tens of billions."
U.S. attorney general Eric Holder was said to have called Gulf State Reps to assure them that the U.S. Department of Justice would "vigorously pursue" further civil penalties under the CWA.
Shares of BP are indicated for a lower open Friday.
Despite entering a $4.5 billion settlement with the U.S. over the 2010 Macondo incident in the Guld of Mexico, which led to one of the largest crude oil spills on record, BP plc (NYSE: BP) may be on the hook for billions more yet. According to Bloomberg, BP might be looking at paying an additional $17.6 billion in potential fines for violation of the Clean Water Act (CWA) and to help restore Gulf States' coastline to the condition it was in before the spill happened.
Chairman of Louisiana's Coastal Protection and Restoration Authority, Garret Graves, said BP was met with resistance when trying to settle both of the claims along with criminal violations and that future payments will "easily" be in the "tens of billions."
U.S. attorney general Eric Holder was said to have called Gulf State Reps to assure them that the U.S. Department of Justice would "vigorously pursue" further civil penalties under the CWA.
Shares of BP are indicated for a lower open Friday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Iran’s president calls for end to war with US
- Asia Broadband drops civil suit without prejudice to reassess strategy
- Aurinia settles patent dispute with Teva over generic voclosporin
Create E-mail Alert Related Categories
Insiders' Blog, LitigationRelated Entities
Crude OilSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
