BP (NYSE: BP) To Pay $175 Million To Shareholders

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Looks like BP is still not done paying for the 2010 oil spill in the Gulf of Mexico. The rig explosion on April 20, 2010 was the worst offshore oil disaster in U.S. history that resulted in millions of barrels of oil spewing for nearly three months.

The oil giant agreed earlier this month to paying $175 million to its shareholders who brought a class-action lawsuit that accused BP of misleading them and understating the severity of the 2010 spill.

It was in 2014 when U.S. District Judge Keith Ellison in Houston said that investors who who bought BP’s American depositary shares soon after the explosion could pursue claims as a group. Claims that BP publicly “lowballed” the oil flow rate, and that the share price “did not reflect the magnitude of the disaster facing the company.”

BP said the claims will be paid during 2016-2017.

Disclaimer: We have no position in BP Plc (NYSE: BP) and have not been compensated for this article.