Halliburton Reaches $1.1B Oil Spill Settlement
Halliburton has reached an agreement to pay $1.1 billion as part of a settlement for the most of the plaintiff's claims that came up as a result of the 2010 Gulf of Mexico oil spill.
The settlement money will go into a trust fund, and it will not be touched until all appeals have been exhausted. The settlement is still subject to court approval though.
Halliburton was the cement contractor for BP's Macando drilling rig which exploded in April of 2010 in the Gulf of Mexico. Eleven workers were killed because of the blast, and the explosion led to the nation's largest oil spill.
This arrangement will settle claims that were assigned to Halliburton after BP's settlemnt in the case. This deal also will pay for punitive damages for property owners and commercial fisherman who were impacted by the spill.