BP To Pay $50M Fine For Refinery Blast

Law360, New York (October 23, 2007, 12:00 AM EDT) -- British Petroleum PLC will reportedly plead guilty and pay $50 million to resolve criminal environmental charges related to a deadly Texas City, Texas, refinery explosion, in a move viewed as the company's biggest step toward admitting liability.

BP and the U.S. Department of Justice are expected to announce the deal on charges stemming from the federal government's investigation into the 2005 blast on Thursday, Dow Jones News reported Tuesday, citing people familiar with the situation.

Representatives for BP and the DOJ declined to comment on the...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.