According to Reuters sources, the fine will be the largest ever paid and BP will plead guilty to criminal misconduct. The largest penalty ever paid in the United States is $1.3 billion, the fine levied on Pfizer Inc. (NYSE: PFE) in 2009 for fraudulent marketing of one its pain medicines.
According to a BP press release this morning, the reported agreement will resolve “all U.S. federal government criminal and SEC complaints against BP: in connection with the Deepwater Horizon incident.” The company notes that any agreement must be approved by the federal courts.
The reported agreement resolves only the criminal charges against BP. Civil charges against the company have not yet filed, but BP faces the possibility of up to $21 billion in damages related to violations of the Clean Water Act if the company is found to have been negligent.
Paul Ausick
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