November 15, 2012 in Nation/World

US AG sets news conference on BP spill settlement

Michael Kunzelman Associated Press
 

NEW ORLEANS (AP) — U.S. Attorney General Eric Holder will speak in New Orleans about the government’s $4.5 billion settlement with BP over the massive 2010 oil spill in the Gulf of Mexico.

The Department of Justice said Holder and top U.S. officials will hold a news conference at 1:00 p.m. CST about the wide-ranging settlement.

London-based BP PLC said in a statement it agreed to the penalty and to plead guilty to criminal charges including 11 felony counts of misconduct related to the deaths of 11 men in the rig explosion that triggered the oil spill.

The settlement total of $4.5 billion over five years includes nearly $1.3 billion in criminal fines — the largest such penalty ever — along with payments to several government agencies.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Thoughts and opinions on this story? Click here to comment >>

Get stories like this in a free daily email