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U.S: Judge Agrees to BP Civil Settlement with U.S. Govt. over 2010 Spill

Carl Barbier, the Judge of United States had granted his final approval on Monday to BP Plc’s (BP.L) the civil settlement over its 2010 Gulf of Mexico oil spill after it reached a deal in 2015 (In July) to pay 18.7 dollars billion in the penalties to U.S. government & 5 states.

The company at time stated that its total pre-tax charges from spill set aside for criminal & civil penalties & cleanup costs were around 53.8 billion dollars.

Under the conditions of the original agreement with the Department of Justice of the United Stated & the Gulf Coast states, BP will pay at least 12.8 billion dollars for the Clean Water Act fines & natural resource damages, plus 4.9 billion dollars to the states.

The disbursements will be flabbergasted over some 16 – 18 years.

The rig blast on 20th April 2010, that was the worst offshore oil disaster in the history of the united states, had killed over 10 workers & spewed the millions of barrels of oil onto the coastlines of the several states for approximately 3 months.