TIME Environment

Largest Environmental Bankruptcy Settlement Ever Announced by Anadarko Petroleum

U.S. Attorney for the Southern District of New York Bharara speaks while flanked by U.S. Deputy Attorney General Cole as they announce a settlement with Anadarko Petroleum Corp in Washington
U.S. Attorney for the Southern District of New York Preet Bharara speaks while flanked by U.S. Deputy Attorney General James Cole as they announce a settlement with Anadarko Petroleum Corp at the Justice Department in Washington, April 3, 2014. Jonathan Ernst—Reuters

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.

[Reuters]

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