Anadarko’s $5.15 Billion Environmental Settlement Moves On As David Keeps Fighting Goliath
By John Bringardner
They say you can’t put a price tag on fresh air, but recent developments in bankruptcy court show that you can do just that. This April, the US Attorney General announced the largest ever corporate payment for the clean-up of environmental contamination. And on Wednesday, U.S. Bankruptcy Judge Allan Gropper officially approved the settlement, moving the cleanup process one step closer to launching.
Texas oil producer Anadarko Petroleum and its subsidiary, Kerr-McGee, have agreed to pay a record $5.15 billion to settle environmental and toxic tort liabilities, funding trusts that will be used to clean up about 2,700 sites around the U.S.
“If you are responsible for 85 years of poisoning the earth, then you are responsible for cleaning it up,” Manhattan U.S. Attorney Preet Bharara said when the deal was announced.
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