BP to pay $175 million to investors in oil spill suit

HOUSTON – BP has agreed to pay $175 million to settle a class-action lawsuit filed by investors who accused the oil giant of misleading them about the rate of oil flowing after the 2010 Deepwater Horizon rig explosion in the Gulf of Mexico.

In a brief statement Friday, BP said it will pay the investors over this year and next year. U.S. District Judge Keith Ellison in Houston still needs to approve the deal.

BP says it doesn’t resolve other securities-related litigation relating to the disaster, which killed 11 workers and poured millions of gallons of crude oil into the Gulf for 87 days.

The lawsuit says BP’s low estimates of the rate of oil spewing into the Gulf inflated securities prices.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles