US government mulls $16bn plea deal for BP over Deepwater - report
Source: Reuters
US government mulls 16bn plea deal for BP over Deepwater - report
Reuters
guardian.co.uk, Saturday 23 February 2013 17.55 GMT
The US government and Gulf Coast states are reportedly considering offering BP Plc a deal under which the company will pay $16bn to settle civil suits stemming from the 2010 Deepwater Horizon disaster.
The deal would cover the company's potential penalties under the Clean Water Act and payments under the natural resources damage assessment, the Wall Street Journal said, citing sources familiar with the discussions. It was unclear if the deal had been formally offered to BP; both the company and the US Justice Department declined to comment.
A settlement could avert a bruising court battle over the worst ever US offshore oil spill. which is slated to start on Monday in New Orleans, although the trial may begin as the terms of the deal are hammered out. A settlement would also put a solid number on BP's costs under the Clean Water Act, estimations of which range from $4.5bn to $17.5bn, as well as potential natural resources damage assessments to the states under the Oil Pollution Act.
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Read more: http://www.guardian.co.uk/environment/2013/feb/23/bp-deepwater-horizon-settlement-deal
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