US judge approves BP's $525m settlement in civil suit with SEC

13 December 2012 22:32  [Source: ICIS news]

HOUSTON (ICIS)--A US district judge has approved BP’s $525m settlement for all claims made by the Securities and Exchange Commission (SEC) against the UK-based oil giant in connection with the Deepwater Horizon explosion and subsequent oil spill.

BP officials were not immediately available for comment.

According to the final judgment, BP will pay the civil penalty in three instalments over a three-year period - $175m within 14 days of the judgment’s issued date, $175m on 1 August 2013 and $175m on 1 August 2014.

Failure to comply would result in post-judgment interest at the discretion of the SEC, the court document said.

In a related case, BP has agreed to pay $4.5bn to settle federal criminal charges in connection with the April 2010 oil well explosion that killed 11 workers and sunk the Deepwater Horizon rig.

Three of BP’s managers also face criminal charges stemming from the incident.

By: Tracy Dang
+1 713 525 2653

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