The environmental bankruptcy settlement involving Anadarko Petroleum Corp over pollution allegations is reported to be the largest ever
Global energy company Anadarko Petroleum Corp will pay $5.15 billion to those who claim that pollution from the company’s uranium deposits, wood creosote and rocket fuel processing caused cancer and other health problems. The agreement, which was announced on Thursday, ends years of litigation and is the biggest environmental bankruptcy settlement ever, Reuters reports.
The settlement still must be approved by a judge and a federal court after a 30-day public comment period.
“Beyond the unprecedented magnitude of this recovery, the timing of the settlement was critical to ensure the money is promptly available to victims overdue for relief,” John Hueston, the trustee for the plaintiffs, said in a statement.
U.S. Deputy Attorney General James Cole said in a news conference in Washington, D.C. that $4.4 billion of the settlement will go towards cleanup and environmental claims.
Andarko said in a statement tat it would net $550 million in tax benefits from the agreement.