Halliburton, responsible for the oil-well cementing of the Deepwater Horizon rig, settled many of the claims against it today for $1.1 billion. At least some of the motive for settling is concern that the ongoing litigation will find the guilty parties grossly negligent, which could increase some penalties dramatically. businessweek/news/2014-09-02/halliburton-s-to-pay-1-dot-1-billion-for-oil-spill-lawsuits From the article: “If [Judge Carl Barbier] rules that we were grossly negligent, then this is going to be a home run for us because we just eliminated the vast majority of the punitive potential claims that would be against us,” Mark McCollum, chief financial officer at Halliburton, told investors today at the Barclays Plc conference in New York.
Posted on: Tue, 02 Sep 2014 20:36:51 +0000
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