Analyst: BP could settle spill suit this week
BP—the operator of the Macondo well that blew out in April 2010 and caused the nation's worst oil spill—may reach a settlement for the disaster this week after one of its partners agreed on fines last week, an Oppenheimer & Co. analyst tells Bloomberg. MOEX Offshore 2007 LLC will pay $90 million to the United States and five states to settle pollution violations related to the Gulf of Mexico spill. Louisiana Attorney General Buddy Caldwell says Louisiana is getting $13.5 million of that settlement. While BP will probably have to accept different terms as the operator, the settlement suggests that BP would pay $585 million for violations—less than 20% of what the company has provisioned—says Fadel Gheit, an analyst at Oppenheimer in New York. "This is only the civil part and does not include possible criminal charges and penalties," Gheit says. "The trials will begin later this month, and all parties are eager to settle before then. So there could be very important decisions this week." Read the full story here.
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