BP's oil spill settlement
Thank goodness for the government reaping some recompense for it's own costs and justice for those harmed:
NEW ORLEANS -- BP said Thursday that it will pay $4.5 billion in a settlement with the U.S. government over the massive 2010 oil spill and will plead guilty to felony counts related to the deaths of 11 workers and lying to Congress.
The figure includes nearly $1.3 billion in criminal fines - the largest such penalty ever - along with payments to several government entities.
A person familiar with the settlement said two BP employees will also face manslaughter charges over the deaths of 11 people in the explosion of the Deepwater Horizon oil rig that triggered the massive spill. The person was not authorized to discuss the matter on the record and spoke on condition of anonymity.
"We believe this resolution is in the best interest of BP and its shareholders," said Carl-Henric Svanberg, BP's Chairman. "It removes two significant legal risks and allows us to vigorously defend the company against the remaining civil claims."
The settlement includes payments of nearly $2.4 billion to the National Fish and Wildlife Foundation, $350 million to the National Academy of Sciences and about $500 million to the Securities and Exchange Commission.
The charges BP will plead guilty to include 11 felony counts of misconduct or neglect of ships officers, one felony count of obstruction of Congress and one misdemeanor count each under the Migratory Bird Treaty Act and the Clean Water Act. The 11 counts related to the workers' deaths are under a provision of the Seaman's Manslaughter Act.
The obstruction charge is for lying to Congress about how much oil was pouring out of the ruptured well.
And there are still other claims against BP from financial institutions, casinos and racetracks, insurance companies, local governments and losses caused by a government-imposed moratorium on drilling after the spill.
None of those are covered by BP's proposed settlement with the private lawyers.
While I'm sure this doesn't do justice to what happened, I guess it allows for some closure. I'm just glad someone got held accountable.
Here is a link that might be useful: source of course