BP Said to Agree to Largest U.S. Criminal Settlement in History

Nov. 15 (Bloomberg) -- BP Plc, the owner of the Macondo well that in 2010 caused the worst U.S. oil spill, has agreed to the largest U.S. criminal settlement in history, according to a person familiar with the deal. Pimm Fox reports on Bloomberg Television's "Market Makers." (Source: Bloomberg)

BP Plc (BP/), the owner of the Macondo well that in 2010 caused the worst U.S. oil spill, has agreed to the largest U.S. criminal settlement in history, according to a person familiar with the deal.

The company will plead guilty to obstruction of justice for lying to Congress. Two of the company’s employees face manslaughter charges over deaths in the explosion of the oil well, said the person, who requested anonymity to discuss the deal which has not been made public. The amount wasn’t disclosed.

The settlement will be announced later today, the person said.

BP is in “advanced discussions” with the Justice Department and the Securities and Exchange Commission, the U.K. oil producer said today in a statement. The proposed resolutions won’t cover civil claims under the Clean Water Act, natural resource damages, or private claims not included in a previous settlement with victims, it said.

To contact the reporter on this story: Phil Mattingly in Washington at pmattingly@bloomberg.net

To contact the editor responsible for this story: Steven Komarow at skomarow1@bloomberg.net

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