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BP may pay up to $25 billion in oil spill settlement

Details expected to come out sometime in February

The rumor mill is a-churnin’, and the story it has spun for us today is that BP will likely agree to a $20 billion to $25 billion settlement with the Department of Justice (DOJ) over civil and criminal charges that resulted from the Deepwater Horizon oil spill in the Gulf of Mexico in April 2010.

Martijn Rats, the head of European oil research at Morgan Stanley, told Thomson Reuters that there is a 70 percent to 80 percent chance that the company will settle with the DOJ at some point after BP’s full year results on Feb. 7 and before legal hearings are scheduled to begin on Feb. 27. Thomson Reuters also reports that BP sources claim the company’s board has weekly meetings to discuss ongoing talks with the DOJ about a possible settlement.

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