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Record Penalty For BP Over Gulf Oil Spill

NewsBreakerNov 15 '12

Host @DavidBegnaud delivers breaking news and today's trending buzz in 45 seconds. BP Plc is expected to pay a record U.S. criminal penalty and plead guilty to criminal misconduct in the 2010 Deepwater Horizon disaster through a plea deal reached with the Department of Justice that may be announced as soon as Thursday, according to sources familiar with discussions. Three sources, who spoke to Reuters on condition of anonymity, said BP would plead guilty in exchange for a waiver of future prosecution on the charges. BP confirmed it was in "advanced discussions" with the Department of Justice (DoJ) and the Securities & Exchange Commission (SEC). The talks were about "proposed resolutions of all U.S. federal government criminal and SEC claims against BP in connection with the Deepwater Horizon incident," it said in a statement on Thursday, but added that no final agreements had been reached. The discussion do not cover federal civil claims, both BP and the sources said. London-based oil giant BP has been locked in months-long negotiations with the U.S. government and Gulf Coast states to settle billions of dollars of potential civil and criminal liability claims resulting from the April 20, 2010, explosion aboard the Deepwater Horizon rig. The sources did not disclose the amount of BP's payment, but one said it would be the largest criminal penalty in U.S. history. That record is now held by Pfizer Inc, which paid a $1.3 billion fine in 2009 for marketing fraud related to its Bextra pain medicine. The DoJ declined to comment.