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BP, US reach $4.5B settlement for Gulf spill

Thursday, November 15, 2012

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BP has reached a $4.5 billion settlement with the U.S. government for its role in a 2010 oil spill that killed 11 people and devastated the Gulf Coast.

The figure includes a $4 billion criminal settlement with the Justice Department, the largest criminal penalty in U.S. history. The oil giant will also pay $525 million to resolve claims with the Securities and Exchange Commission.

The Justice Department has scheduled an afternoon press conference in New Orleans to announce the agreement.

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