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February 20th, 2015:

BP loses bid to cut maximum $13.7 billion Gulf spill fine

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Screen Shot 2014-12-04 at 20.54.03BY JONATHAN STEMPEL
Thu Feb 19, 2015 9:04pm EST

(Reuters) – A U.S. judge on Thursday rejected BP Plc’s (BP.L) attempt to reduce the maximum civil fine it could face for its role in the 2010 Gulf of Mexico oil spill, leaving it potentially liable to pay $13.7 billion under the federal Clean Water Act.

U.S. District Judge Carl Barbier in New Orleans agreed with the federal government that the maximum civil penalty that BP could face is $4,300 per barrel spilled.

BP had sought a $3,000 per barrel maximum, equal to a maximum $9.57 billion civil fine. Barbier has not decided how much BP should pay, and it is unclear when he will. read more

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