Activists hold signs during a protest in front of the Hale Boggs Federal Building on the first day of the 2013 trial over the Deep Water Horizon oil rig spill in New Orleans. 11 men were killed during the accident and over 4 million barrels of oil spilled into the Gulf of Mexico in 2010.
Photograph by Sean Gardner/Getty Images
By Reuters
April 5, 2016

U.S. Judge Carl Barbier granted final approval on Monday to BP’s civil settlement over its 2010 Gulf of Mexico oil spill after it reached a deal in July 2015 to pay up to $18.7 billion in penalties to the U.S. government and five states.

“Today’s action holds BP accountable with the largest environmental penalty of all time while launching one of the most extensive environmental restoration efforts ever undertaken,” U.S. Attorney General Loretta Lynch said in a statement.

The company at the time said its total pre-tax charges from the spill set aside for criminal and civil penalties and cleanup costs were around $53.8 billion.

Under the terms of the original agreement with the U.S. Department of Justice and the Gulf Coast states, BP (bp) will pay at least $12.8 billion for Clean Water Act fines and natural resource damages, plus $4.9 billion to states. The payouts will be staggered over as many as 18 years.

The rig explosion on April 20, 2010, the worst offshore oil disaster in U.S. history, killed 11 workers and spewed millions of barrels of oil onto the shorelines of several states for nearly three months.

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