DOJ Reaches $1.4 Billion Gulf Spill Settlement

The Justice Department has reached a $1.4 billion settlement with Transocean Ltd., the owner of the Deepwater Horizon drilling rig that exploded in 2010, killing 11 workers and spawning a massive oil spill in the Gulf of Mexico. In addition to the $1 billion in civil penalties and $400 million in criminal penalties, the Switzerland-based company must plead guilty to a misdemeanor charge of violating the Clean Water Act and implement a series of operational safety and emergency response improvements to its rigs.