- Sputnik International
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

BP to Pay $175 Million to Settle Deepwater Horizon-Related Lawsuit

© AP Photo / Gerald HerbertThe 2010 disaster at BP’s Deepwater Horizon oil rig caused devastating pollution in the Gulf of Mexico
The 2010 disaster at BP’s Deepwater Horizon oil rig caused devastating pollution in the Gulf of Mexico - Sputnik International
Oil and gas giant British Petroleum (BP) has agreed to pay $175 million to settle a lawsuit in which investors claim that they were misled about the extent of the Deepwater Horizon oil spill, The Wall Street Journal reports.

MEXICO CITY (Sputnik) – The Thursday settlement will be paid over the next two years, the newspaper said on Friday, specifying that it is still subject for approval by a Houston federal court judge.

Fire boat response crews battle the blazing remnants of the off shore oil rig Deepwater Horizon on April 21, 2010. - Sputnik International
Deepwater Horizon Settlement Gives BP Billions in Tax Breaks
In April 2010, one of the worst environmental disasters in US history occurred in the Gulf of Mexico, when British Petroleum’s Deepwater Horizon oil rig exploded killing 11 people and spilling millions of gallons of oil into the Gulf.

BP has already put aside over $56 billion to cover cleanup and legal costs following the disaster, according to The Wall Street Journal.

BP investors claim that the company did not sufficiently inform them of business risks related to the spill and they suffered losses as oil seeped into the Gulf and BP shares dropped.

Following the BP spill, the company's share price reduced by half and froze dividends. BP was also forced to sell half of its offshore platforms and refineries to help meet a staggering fine of $40 billion for the clean-up and compensation costs.

To participate in the discussion
log in or register
Заголовок открываемого материала