BP Faces $18 Billion in Fines for Gulf Oil Spill Newsloop Business
go to original September 5, 2014

U.S. Court Says BP 'grossly Negligent' In 2010 Spill, Billions In Fines Loom (Newsloop Business)

BP was "grossly negligent" for its role in the oil spill in the Gulf of Mexico four years ago, a U.S. district judge said on Thursday in a ruling that could add billions of dollars in fines to the more than $42 billion in charges taken so 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, eroding about $8.8 billion of its market value. BP shares traded in London closed down nearly 6 percent, the worst one day slide in more than four years.

U.S. District Judge Carl Barbier in New Orleans held a trial without a jury last year to determine who was responsible for the April 20, 2010 environmental disaster. Barbier ruled that BP was mostly at fault and that two other companies in the case, Transocean Ltd (RIG.N) and Halliburton (HAL.N), were not as much to blame.

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