Lion Heart 15,041 Posted June 3, 2016 Share Posted June 3, 2016 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. The settlement announcement Thursday came shortly after a ruling by U.S. District Judge Keith Ellison to narrow the evidence that could have been presented to a jury. The decision, which would have benefited BP at trial, limited the management statements that investors could claim affected the stock price. BP shares plunged by more than 40 percent in the weeks after the April 2010 disaster, as it became clear the company couldn’t immediately contain the spill. More than 4 million barrels of oil escaped into the Gulf of Mexico during the 87 days London-based BP took to control the well. .. BP has set aside $56.4 billion so far for the disaster, according to an April regulatory filing. The company’s cumulative pre-tax charge to earnings doesn’t show a complete picture of the company’s financial hit from the spill. As part of funds paid out to stop and clean up the spill and compensate victims, BP has agreed to a series of deals with different groups harmed by the disaster. It isn’t clear how much remains to be paid under all of these agreements. In 2012, BP agreed to pay $4 billion to resolve criminal charges tied to pollution violations, misleading Congress and manslaughter for the deaths of 11 rig workers killed in the initial explosion. In a separate deal that year, BP agreed to pay private property and economic-loss claims by hundreds of thousands of individuals and businesses in the five Gulf states, although it excluded whole categories of business claims by casinos, real estate developers and financial institutions. As many of these claims remain unevaluated and unpaid, BP said in April its estimate of $12.9 billion will likely be “significantly higher” once all private claims are processed and paid. http://www.bloomberg.com/news/articles/2016-06-02/bp-to-pay-175-million-to-settle-claims-it-hid-spill-costs ▀▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄▀ Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted June 3, 2016 Share Posted June 3, 2016 Yeah, the disaster was/is pretty huge. like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
Economy 52,864 Posted June 4, 2016 Share Posted June 4, 2016 Wow. I didnt even know they lied about it Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted June 4, 2016 Share Posted June 4, 2016 4 minutes ago, Economy said: Wow. I didnt even know they lied about it At first, BP spokesmen were like, oh it's just a couple of drops leaking , no biggie. 8-/ like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
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