BP authorities has finally admitted their guilt and agreed to pay $4.5 billion as fine to the Federal Government and it is going to be the biggest fine by any corporate in US history. This was confirmed by US Attorney General Eric Holder in New Orleans.
As per the clauses in the settlement, BP will pay $1.25 billion as fine and $2.40 will go as compensation for restoration of wildlife and the coastal areas. Another $500 million will be paid for misleading the investors underestimating the quantum of damage. They have also agreed to pay manslaughter charges for 11 workers who died at the time of exploration of the gig.
In last March, BP authorities agreed to pay $7.8 billion for economic, property and medical damages to 100,000 individuals and businesses. In addition to these crimical charges, BP is also facing other criminal charges which include violating the Clean Water Act and in that case, fines may go up to $21 billion.
