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BP shrugs off latest Macondo ruling

The oil giant claims Judge Barbier's ruling of "gross negligence" won't affect its share buy-back programme or growth potential

What's new:

• Unfavourable Macondo ruling

• Legal complexities mean exact penalty is unclear

• Case could drag on for years

IC TIP: Sell at 471p

US district court judge Carl Barbier found BP (BP.) guilty of "gross negligence" and "wilful misconduct" this month under the Clean Water Act for its actions leading up to the Macondo oil spill in the Gulf of Mexico in 2010. The guilty verdict implies a maximum penalty of about $18bn (£11bn), equivalent to roughly 47p a share on top of BP's existing provisions of $3.5bn for this particular penalty.

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