U.S.-BP Spill Settlement Stalled

Before you go, we thought you'd like these...
Before you go close icon

Settlement talks are at a standstill between the U.S. government and BP PLC (NYSE: BP) related to the April 2010 Gulf of Mexico disaster that killed 11 workers and dumped 5 million barrels of crude oil into the ocean. The oil company is reportedly resisting a U.S. demand of at least $18 billion to settle all claims.

The Sunday Times reports that the company wants to resolve the issue before U.S. elections in November. The U.S. demand has divided BP's directors, some of whom want to settle the case and others who do not.

Those in favor of settlement want to put the sinking of the Deepwater Horizon behind the company and get rid of the overhang. Those who are resisting a settlement fear that giving in to the government will spark a number of shareholder lawsuits.

Shares of BP closed at $42.36 on Friday, in a 52-week range of $33.62 to $48.34. Shares traded at around $60 preceding the Gulf explosion.

Paul Ausick

Filed under: 24/7 Wall St. Wire, Commodities, Law, Oil & Gas, Regulation Tagged: BP, featured
Read Full Story


S&P 500 2,343.98 -1.98 -0.08%
DJIA 20,596.72 -59.86 -0.29%
NASDAQ 5,828.74 11.04 0.19%
DAX 12,064.27 24.59 0.20%
NIKKEI 225 19,262.53 177.22 0.93%
HANG SENG 24,358.27 30.57 0.13%
USD (per EUR) 1.08 0.00 0.01%
USD (per CHF) 0.99 0.00 0.02%
JPY (per USD) 111.34 0.01 0.00%
GBP (per USD) 1.25 0.00 0.01%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners