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Criminal settlement for BP oil spill: $4 billion

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The Deepwater Horizon oil rig disaster killed 11 workers. BP PLC has agreed to plead guilty to manslaughter and other charges and pay a record $4 billion in criminal penalties.

NEW ORLEANSBP PLC closed the book on the Justice Department’s criminal probe of its role in the Deepwater Horizon disaster and Gulf oil spill Tuesday, when a federal judge agreed to let the London-based oil giant plead guilty to manslaughter charges for the deaths of 11 rig workers and pay a record $4 billion in penalties.

What the plea deal approved by U.S. District Judge Sarah Vance doesn’t resolve, though, is the federal government’s civil claims against BP. The company could pay billions more for environmental damage from its 2010 spill.

Vance noted that the company already has racked up more than $24 billion in spill-related expenses and has estimated it will pay a total of $42 billion to fully resolve its liability for the disaster in the Gulf of Mexico.

The judge said the $4 billion criminal settlement is “just punishment” for BP, even though the company could have paid far more without going broke. In accepting the deal, Vance also cited the risk that a trial could result in a much lower fine for BP, one potentially capped by law at $8.2 million.