BP, Feds Want $4B Deepwater Deal OK'd Despite Objections

Law360, New York (January 17, 2013, 2:12 PM EST) -- Prosecutors and a BP PLC unit urged a Louisiana federal judge Wednesday to endorse a $4 billion settlement of criminal charges stemming from the Deepwater Horizon oil spill, but victims labeled the deal insufficient punishment for deaths and environmental destruction.

In a submission to U.S. District Judge Sarah S. Vance, the federal government and BP emphasized the unprecedented size of the financial penalty, which they described as three times higher than the previous record criminal fine. Further, “the adequacy of these monetary penalties should be assessed...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.