BP agrees to settle for Gulf of Mexico oil spill

8:24 PM, Nov 15, 2012   |    comments
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(NBC) - BP has agreed to settlement for the 2010 oil spill in the Gulf of Mexico.

The oil company will pay billions in fines, on top of clean up and recovery costs already paid.

"This marks both the largest single criminal fine, more than $1.25 billion dollars, and the total largest criminal resolution, $4 billion, in the history of the United States," U.S. Attorney General Eric Holder noted after announcing the settlement.

BP will plead also guilty to 14 felony charges for its role in the Deepwater Horizon incident, the worst oil spill in U.S. history.

Among the most serious are 11 counts of misconduct or neglect that led to the deaths of 11 crew members the night of the fiery blast and well collapse that triggered the spill.

Additional charges include obstruction of justice for lying to Congress about the amount of oil that poured out of the well for months, closing beaches and keeping shrimpers, fishermen and so many others who made their living in the Gulf off the water and without work.

In a written statement BP responded to the agreement saying in part:

"We apologize for our role in the accident, and as today's resolution with the U.S. government further reflects, we have accepted responsibility for our actions."

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