BP reaches $18.7B settlement over 2010 spill

BP Plc agreed to pay up to $18.7 billion in penalties to the U.S. government and five states to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement in U.S. history.

Reuters reports adds to the $43.8 billion BP previously set aside for criminal and civil penalties and cleanup costs.

The payments could be staggered over as many as 18 years. In the agreement, BP agreed to pay at least $12.8 billion for Clean Water Act fines and natural resource damages, plus $4.9 billion to states.

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