Wednesday, February 16, 2011

BP (NYSE:BP) Affiliate Settles for $6.7 Million with Feds

BP (NYSE:BP) affiliate Atlantic Richfield Co, or Arco, has agreed to settle with the federal government for $6.7 million from contamination related to the now closed Bunker Hill Mining and Metallurgical Complex.

The lawsuit was filed back in 1990 by the Federal Government to pay for damages and cleanup from smelting and mining operations in the state.

Funds for the settlement will include $5 million paid to the U.S. Environmental Protection Agency to reimburse it for cleaning up the site.

The remaining $1.7 million will be shared among federal land agencies, the Coeur d'Alene Tribe, and the state of Idaho.

BP didn't own the company when the damages took place, as they acquired Arco in 2000. They did assume responsibility for past damages when the acquired the firm.

BP spokesman Daren Beaudo said that Arco was glad to have "reached this settlement agreement with federal, state and tribal governments."

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