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[h=4]DOJ announces record $20 billion settlement in Gulf oil spill[/h]The Justice Department announced a record $20 billion settlement Monday with British energy giant BP, five years after the Deepwater Horizon oil spill stained more than 1,300 miles of the Gulf of Mexico's coastline.
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The Justice Department and five states have finalized a settlement of more than $20 billion arising from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. (Oct. 5) AP
This Wednesday, April 21, 2010, file photo shows oil in the Gulf of Mexico,(Photo: Gerald Herbert, AP)
WASHINGTON — The Justice Department announced a record $20 billion settlement Monday with British energy giant BP Monday,<span style="color: Red;">*</span>more than five years after the Deepwater Horizon oil spill stained more than 1,300 miles of the Gulf of Mexico's coastline in the largest environmental disaster in U.S. history.
Attorney General Loretta Lynch said the resolution, which finalizes a deal first disclosed in July,<span style="color: Red;">*</span>marks the largest settlement against a single entity in U.S. history. And it<span style="color: Red;">*</span>will finance an unprecedented project to restore plant and wildlife habitats that were fouled by the spill of 3 million barrels of oil into the Gulf.
"The Gulf was flooded with oil and gulf coast way of life, a uniquely American way of life, was hanging by a thread,'' Lynch said. "By the time the torrent stopped, it had inflicted unprecedented damage. Ecosystems were disrupted, businesses were shuttered, countless men and women lost their livelihoods and their sense of security.''
As part of the agreement, BP has agreed to pay a $5.5 billion civil penalty, the largest such penalty<span style="color: Red;">*</span>in the history of environmental law, and $7.1 billion in damage claims under the Oil Pollution Act.
"With this settlement, federal, state and local governments and the Gulf Coast communities will have the resources to make significant progress toward restoring ecosystems, economies, and businesses of the region,'' Commerce Secretary Penny Pritzker said. "We are committed to ensuring the Gulf Coast comes back stronger and more vibrant than before the disaster.''
BP spokesman Geoff Morell said the settlement filed Monday in federal court represents the same agreement announced this summer.
"As BP said in July, this settlement resolves the largest litigation liabilities remaining from the tragic accident, providing BP certainty with respect to its financial obligations and allowing us to focus on safely delivering the energy the world needs,'' Morell said.
Follow<span style="color: Red;">*</span>@bykevinj<span style="color: Red;">*</span>on Twitter
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