BP shares drop; settlement offer in the works

2/25/2013

BP shares drop; settlement offer in the works

BY CLAUDIA ASSIS

HOUSTON -- U.S.-listed shares of BP declined 1.5% on Monday on the verge of a civil trial for its role in the 2010 Deepwater Horizon explosion and oil spill. Ahead of the trial, scheduled to open Monday in New Orleans, federal and state officials were said to be readying a settlement offer worth $16 billion, according to media reports.

Fines under the Clean Water Act would be capped at $6 billion, and BP would also pay $9 billion in damages to natural resources and for the cost of restoration. The remaining $1 billion would be set aside for a fund to cover extra expenses if more environmental damage were to develop.

Dow Jones Newswires

 

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