Chevron Offers to Settle Brazil Spill Lawsuits for $150 Million

SAO PAULO (AP) -- Brazilian prosecutors say Chevron Corp. (NYSE: CVX  ) has offered to pay $150 million to settle two civil lawsuits stemming from an offshore oil spill.

The lawsuits seek $20 billion in damages.

Federal prosecutors say they must await an environmental agency report on the spill before accepting any Chevron offer. That report must corroborate Chevron's assertions that the spill had no significant impact on the environment.

It's not clear when that report will be made.

Chevron says in a Monday statement that company officials are "optimistic that a satisfactory settlement can be reached soon."

It was in November 2011 when some 155,000 gallons of crude leaked from the seabed near a Chevron well. Earlier this year, Chevron paid $18 million in fines to Brazilian authorities.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2158127, ~/Articles/ArticleHandler.aspx, 8/31/2014 6:23:51 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement