The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

U.S. court says BP 'grossly negligent' in 2010 spill, billions in fines loom

Thu, 04th Sep 2014 15:07

(Adds quote from court)

HOUSTON, Sept 4 (Reuters) - A federal judge has found oilgiant BP Plc "grossly negligent" for its role in the 2010spill in the Gulf of Mexico, a ruling that could add billions ofdollars in fines to the more than $42 billion in charges takenso far for the worst offshore disaster in U.S. history.

Shares of BP traded in the United States fell 5 percent, or$2.40, to $45.31.

"The Court concludes that the discharge of oil 'was theresult of gross negligence or willful misconduct' by BP, theruling from U.S. District Judge Carl Barbier said.

The company has shrunk since it was forced to sell assets topay for the disaster aboard the Deepwater Horizon drilling rigthat killed 11 workers.

Barbier has yet to assign damages from the spill under thefederal Clean Water Act, though previous calculations by Reutershave shown fines could run to $17.6 billion in the costliestscenario.

Barbier apportioned 67 percent of the fault to BP, 30percent to Transocean Ltd, which owned the drillship,and 3 percent to Halliburton, which did cement work onthe Macondo well that blew out. (Reporting by Sudip Kar-Gupta and Karolin Schaps; editing byKate Holton; Writing by Terry Wade)

Related Shares

More News
9 May 2024 15:51

UK dividends calendar - next 7 days

9 May 2024 13:53

IN BRIEF: IP Group joins USD111 million financing round for Hysata

IP Group PLC - invests in companies pursuing breakthrough science - Portfolio company Hysata Pty Ltd completes USD111.3 million series B funding round...

9 May 2024 10:26

Balfour Beatty says trades in line amid "progress" on pacts

(Alliance News) - Balfour Beatty PLC on Thursday said it has traded in line with expectations so far in 2024, as it makes progress on major deals.

9 May 2024 09:53

LONDON BROKER RATINGS: NatWest target raised, other lenders backed

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

8 May 2024 13:19

Middle East Crude-Benchmarks fall, snapping two-day streak

SINGAPORE, May 8 (Reuters) - Middle East crude benchmarks Dubai, Oman and Murban fell on Wednesday after rising for consecutive days after Saudi Aramc...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.