BP To Set Aside $240M For Future Cleanups

Law360, New York (November 30, 2011, 4:03 PM EST) -- BP America Inc. units have agreed to pay a $426,500 penalty and to set aside more than $240 million to resolve future violations tied to Superfund sites and other facilities, the U.S. Environmental Protection Agency said Tuesday.

BP has secured money for so-called financial assurances — which are in the form of standby trusts, insurance policies and letters of credit — to ensure that taxpayers do not have to pay to for costly cleanups in the future, the EPA said.

“Today's settlement will ensure that BP's...
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