U.S. District Judge Jane Triche Milazzo should accept Transocean's $1.4 billion settlement with the federal government over charges arising from the 2010 Gulf of Mexico oil spill, the company and federal prosecutors said in a filing. "The size and scope of the criminal penalty imposed on Transocean fairly and reasonably balances the seriousness of the spill and its consequences with an assessment of Transocean's role" in the incident, the two parties said in the filing.

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