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BP to Pay $175 Million to Settle Claims It Hid Spill Size

  • Investor settlement averts trial set for next month in Texas
  • U.S. shareholders claimed as much as $2.5 billion in losses
bp oil spill
Photographer: Jason Andrew/Getty Images
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BP Plc said it agreed to pay $175 million to settle claims by U.S. investors that its managers lied about the size of the 2010 Gulf of Mexico oil spill to prop up its stock price, removing the company’s last major overhang from the disaster.

The investors, who blamed BP for massive losses when the true scope of the spill was revealed, had sought as much as $2.5 billion. The settlement averts a trial that was set for July in Houston federal court.