Reuters: Regulatory News: BRIEF-BP resolves criminal, securities claims by U.S. on Deepwater Horizon

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BRIEF-BP resolves criminal, securities claims by U.S. on Deepwater Horizon Nov 15th 2012, 16:21 LONDON | Thu Nov 15, 2012 11:21am EST LONDON Nov 15 (Reuters) - BP PLC : * BP re: US government settlement * Resolution of all criminal and securities claims by U.S. government against company relating to Deepwater Horizon accident * Resolution of all criminal claims with DOJ includes $4 billion paid in installments over a period of five 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 * Resolution of all securities claims with SEC includes $525 million paid in installments over a period of three years * We believe this resolution is in the best interest of BP and its shareholders * Agreed to plead guilty to 11 felony counts of misconduct or neglect of ships officers relating to loss of 11 lives * Pleaded guilty to one misdemeanor count under the clean water act * Pleaded guilty to one misdemeanor count under the migratory bird treaty act * And one felony count of obstruction of congress * Resolution also provides for the appointment of two monitors, both with terms of four years * Ethics monitor will review,provide recommendations for improvement of co's code of conduct and its enforcement * Not been advised of intention of any federal agency to suspend or debar the company in connection with this plea agreement * Aggregate amount of the resolution is approximately $4.5 billion, with payments scheduled over a period of six years * Anticipated that the cash outflows can be met within BP's current financial framework * BP has also agreed to a term of five years' probation Link this Share this Digg this Email Reprints

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