Judge Approves $525 Million BP Settlement Deal

By: Associated Press
By: Associated Press

NEW ORLEANS (AP) -- A federal judge has approved a $525 million settlement between BP PLC and the Securities and Exchange Commission over statements the company made during the 2010 oil spill in the Gulf of Mexico.

In documents signed Monday, U.S. District Judge Carl Barbier approved the deal, which was tied to BP claims about the volume of oil spewing from its busted Macondo well.

The settlement was announced in November along with a separate but related deal to resolve criminal charges stemming from the April 2010 explosion of the rig Deepwater Horizon off the Louisiana coast. The blast killed 11 rig workers and set in motion the nation's worst offshore oil disaster.

The SEC had accused BP of misleading investors by lowballing the amount of crude that was spilling from the well.

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