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Biggest Fine in Criminal History Given to BP Oil Company


The ongoing trial for the BP oil spill that rocked the nation and beyond is slowly coming to an end. It all started with lawsuits being filed by family members of the deceased and today, BP is being fined by the U.S. and it’s a really big total. In fact, it’s the largest criminal fine to date. According to court records, the U.S. government fined BP $4.5 billion that wil have to be paid over a span of years. The British oil giant’s troubles started when an explosion occurred back in April 2010, when their Macondo oil well spilled over into the Gulf of Mexico. It is noted as being the biggest environmental disaster created by man in the history of the United States.

That’s not all of the charges that the oil company will face. BP agreed to plead guilty to 11 counts of felony and two of their employees will be charged with criminal manslaughter, based on their negligence at the company.

"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," Bob Dudley, BP's chief executive, stated. "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."



The felony charges that the two employees are faced with have to do with the 11 deaths that resulted from their misconduct or negligence. Under the Clean Water Act the employees face one misdemeanor count and an obstruction of Congress felony charge (based on two communications made between BP and a member of Congress at the time of the oil spill).

To go along with the U.S. criminal charges, BP also has civil suits against them from angry families that lost their loved ones in the accident (some of who have never been found). In order to pay the $40 billion in civil liability, BP came up with a plan to sell assets over a span of multiple years. The $4 billion owed to the Department of Justice is to be paid over a five-year period and the $525 million owed to the Securities and Exchange Commission will have to be paid over a three-year period.

"BP is prepared to vigorously defend itself against remaining civil claims," the company said. According to statements made by U.S. Attorney General Eric Holder on Thursday, federal criminal investigations are still being conducted for the oil spill.

11-29-2012

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