BP's fine to settle criminal charges for the Macondo oil well tragedy in the Gulf of Mexico is set to smash the previous record for such a fine, the BBC reported.
The BBC's Business Editor, Robert Peston, says his sources indicate the fine could between $3bn and $5bn, or £1.9bn and £3.2bn. Even the lower of those numbers would be more than twice what was the largest fine in US corporate history, the $1.3bn fine paid by drugs firm Pfizer in 2009 in relation to marketing fraud charges.
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The British integrated oil company confirmed on Thursday that it is close to a deal with the Department of Justice regarding resolutions of all claims against it. BP is also in advanced discussions with the US Securities & Exchange Commission over a settlement.
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