Who Paid the Largest Fine in History and Why post contains information related to heavy fines paid by companies for their faults in recent times.
After Pfizer got FDA approval for the coronavirus vaccine, a new debate started in the United States, South Africa, Canada, Australia, and the United Kingdom. The center point of discussion is the criminal fine paid by Pfizer in 2009 for misleading the public on the anti-inflammatory drug Bextra.
Who Paid the Largest Fine in History and Why is trending on Twitter and other social media sites after people in these countries discovered that Pfizer paid $2.3 billion in all to settle the lawsuit for its misdeed.
Some of the Biggest Fine Cases in Recent Times:
In recent times Fukushima nuclear fiasco led to the biggest claim made by affected people on Tokyo electric power and the government of Japan. In the final hearing, no such fine was imposed on TEPCO, and it was let off the hook by paying a much smaller amount than the claim.
To know Who Paid the Largest Fine in History and Why let’s look into some of the cases of fines in recent times:
TEPCO: in this case, the amount of claim made by the petitioner is $450 billion; the claimant is around 12000 people affected by Fukushima nuclear blast in 2011.
British Petroleum: The oil spill of 2010 by this petroleum exploration company cost it a whopping $64 billion in resettlement claims made by the United States and its five gulf states.
Financial crisis 2008: This crisis saw the downfall of some of the biggest names in the financial world, and many of them paid Penalties for their greed leading to this crisis.
Pharma companies: Pfizer, Glaxo, and Johnson & Johnson too paid heavy fines for their misconduct.
Who Paid the Largest Fine in History and Why?
In this section, we will discuss the fine paid by each of these companies and touch on the reason behind paying such a huge amount. Therefore let’s look at the individual company and how much they paid in plenty for their misdeeds:
TEPCO: The Tokyo court ordered the company to pay $2.63 million along with the government to cover the damage done by Fukushima nuclear blast. The lives of thousands of people were affected due to radiation leaks from the plant.
British Petroleum: in 2016, BP settled the deal with the American government and paid around $ 20 billion for its Gulf of Mexico oil spill. The five coastal states also benefitted from this deal.
Some more companies Who Paid Largest Fine in History and Why did they pay it:
In addition to the above two companies, some more firms paid compensation to settle the dispute with the claimant. Let’s see below how much they paid for settlement and why?
Financial crisis 2008: The Bank of America paid around $17 billion while JP Morgan paid $13 billion as a fine for playing a role in the subprime financial crisis, which bring the whole world on the verge of economic crisis.
Pharma sector: Pfizer paid $2.3 billion for misleading people, and Glaxo too paid $1.5 billion as a fine for not disclosing the data on the medicine.
Final verdict:
Who Paid the Largest Fine in History and Why post found British Petroleum the biggest fine payer in contemporary times. It altogether paid $45 billion in compensation to different grieved parties.
People can give their views about the post in the comment section and share their knowledge on this particular topic below. To know more about the largest fine and the reason behind it, Read it here.
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