In the largest-ever criminal resolution in U.S. history, oil giant BP has agreed to pay $4.5 billion in fines while accepting the criminal responsibility for the 2010 Deepwater Horizon disaster that killed 11 workers.
The fine will be paid in installments over a period of five years. The settlement, which is subject to approval by a federal judge, also includes a $525 million fine to be paid in installments over a period of three years to the Securities and Exchange Commission, nearly $2.4 billion to the National Fish and Wildlife Foundation, and $350 million to the National Academy of Sciences, CBS News reported.
"We believe this resolution is in the best interest of BP and its shareholders," Carl-Henric Svanberg, BP's Chairman said in a statement. "It removes two significant legal risks and allows us to vigorously defend the company against the remaining civil claims."
According to the resolution, BP also agreed to plead guilty to 11 felony counts of misconduct or neglect of ships officers that caused the death of 11 workers. Two of its officers during the disaster have been charged with manslaughter and another with making false statements to federal investigators.
"All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region," said Bob Dudley, BP's Group Chief Executive. "From the outset, we stepped up by responding to the spill, paying legitimate claims and funding restoration efforts in the Gulf. We apologize for our role in the accident, and as today's resolution with the U.S. government further reflects, we have accepted responsibility for our actions."
BP is still not on the safe side o fescaping further penalties as charges of civil damages, damage to natural resources and the economies of Mississippi and other Gulf states are still pending against the British firm.
Assuring that much of the money will be used to restore the environment in the Gulf, Attorney General Eric Holder said this is not the end of federal authorities' efforts, but that the criminal investigation will continue. "This marks the largest single criminal fine and the largest total criminal resolution in the history of the United States," Holder said at a news conference in New Orleans.
