BP To Pay $4.5 Billion in Penalties

BP Plc will pay $4.5 billion in penalties and plead guilty to felony misconduct in the Deepwater Horizon catastrophe that caused the country’s worst oil spill in history, the company said on Thursday.

Highlights from market news:

– a 1.256 billion criminal fine

– 11 workers killed in the April 2010 explosion

– 4.9 million barrels of oil spewed for 87 days in the Gulf

– company pleading guilty to 11 felony counts related to workers’ deaths

– BP sold over #30 billion worth of assets to fund the costs of the spill

Click here to read full Reuters article.