U.S. to seek indictments of ex-BP traders: reports - Reuters

Source: Reuters

U.S. to seek indictments of ex-BP traders: reports
Wed Oct 24, 2007 8:56pm EDT

NEW YORK (Reuters) - The U.S. Justice Department is
expected to seek indictments of up to four former BP Plc
(BP.L) traders as early as Thursday, the Wall Street
Journal reported in its online edition on Wednesday.

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The indictments are expected to be brought against former
members of BP's propane-trading desk, and will come on the
same day that the Justice Department and federal market
and environmental regulators are expected to announce that
BP has agreed to pay hundreds of millions of dollars to
settle criminal and civil probes into a fatal refinery explosion
and alleged market manipulation, the Journal said.

-snip-

BP has agreed to pay $303 million to settle civil price-fixing
charges brought by federal investigators and "in light of
this settlement, the Energy and Commerce Committee will
investigate whether government agencies acted appropriately
during pricing negotiations with BP," said Rep. John Dingell
of Michigan, the committee's chairman.

-snip-

Read more: http://www.reuters.com/article/ousiv/idUSN2459844320071025