"These and other matters remain open, including a separate civil action that's pending in federal court here in New Orleans. We're looking forward to the trial -- which is scheduled to begin in February of next year -- in which we intend to prove that BP was grossly negligent in causing the oil spill. In that lawsuit, we are seeking civil penalties and a judgment that BP and others are liable for removal costs and natural resource damages -- exposure that could amount to billions of dollars. Though we have been unable to date to resolve the civil case, we remain as determined as ever to hold those responsible accountable. In addition, my colleagues and I are firmly committed to combating oil-spill fraud by investigating and prosecuting those who attempt to reap criminal profits from such a terrible tragedy. . ."
- Resolution of all criminal claims with Department of Justice includes $4 billion paid in installments over a period of five years
- Resolution of all securities claims with Securities and Exchange Commission includes $525 million paid in installments over a period of three years
- Existing $38.1 billion charge against income to increase by approximately $3.85 billion
- BP is prepared to vigorously defend itself against remaining civil claims
In eliminating the possibility of any further Federal criminal charges against the company based on the accident, BP has taken another significant step forward in removing legal uncertainty and can now focus more fully on defending itself against all remaining civil claims. Carl-Henric Svanberg, BP's Chairman said, "We believe this resolution is in the best interest of BP and its shareholders. It removes two significant legal risks and allows us to vigorously defend the company against the remaining civil claims."
Thirteen of the 14 criminal charges pertain to the accident itself and are based on the negligent misinterpretation of the negative pressure test conducted on board the Deepwater Horizon. BP acknowledged this misinterpretation more than two years ago when it released its internal investigation report. Today's agreement is consistent with BP's position in the ongoing civil litigation that this was an accident resulting from multiple causes, involving multiple parties, as found by other official investigations. The remaining criminal count pertains to two BP communications made to a member of Congress during the spill response about flow rate estimates. As part of its resolution of criminal claims with the U.S. government, BP will pay $4 billion, including $1.256 billion in criminal fines, in installments over a period of five years. BP has also agreed to a term of five years' probation.
Under the resolution with the Department of Justice (DOJ), a total of $2.394 billion will be paid to the National Fish & Wildlife Foundation (NFWF) over a period of five years. In addition, $350 million will be paid to the National Academy of Sciences (NAS) over a period of five years.
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