BP pays $175 million to settle Deepwater claims

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Oil major BP has paid $175 million to settle a US lawsuit alleging it hid knowledge about the extent of the 2010 Deepwater Horizon disaster.

The class action suit was brought in Houston by investors who purchased US-listed BP shares in the weeks after the 20 April 2010 spill.

The group had alleged BP, now led by chief executive Bob Dudley, knew more about the extent of the spill than it was letting on at the time, and were suing for losses they suffered when shares fell. A trial was due to start next month.

BP said it will make the payment in 2016/17.

The settlement is just one leg of a multi-faceted legal action against BP and does not resolve other actions.

The oil group agreed a $525 million settlement with the Securities and Exchange Commission in 2012 over allegations it played down the extent of the spill.

BP has already made provisions in its accounts for the spill, including legal costs, of $56 billion. 

Source Article from http://www.standard.co.uk/business/bp-pays-175-million-to-settle-deepwater-claims-a3262776.html

June 3, 2016 |
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