BP TO PAY USD525 MILLION OVER MINIMISING DEEPWATER HORIZON ACCIDENT TO INVESTORS
November 1st, 2012
BY KEITH NUTHALL
BP has agreed to pay the USA's Securities and Exchange Commission (SEC) USD525 million to settle claims that it misled investors by minimising the impact of the Deepwater Horizon oil rig explosion. The SEC claims that BP "significantly understating the flow rate in multiple reports filed with the SEC", stemming sales of its stock, which would have depressed its share price. The American financial regulator alleges BP "made fraudulent public statements indicating a flow rate estimate of 5,000 barrels-of-oil-per-day" were ...
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