Halliburton to Settle Deepwater Horizon Claims for $1.1 Billion

The New York Times reports that Halliburton agreed on Tuesday to pay $1.1 billion to settle individual plaintiffs, businesses, and local governments’ claims stemming from its role in the 2010 Deepwater Horizon oil spill.

Legal scholars following the case say that the settlement is a “calculated judgment” that “allows Halliburton to put the oil spill—especially its litigation costs, uncertainty and adverse publicity—behind the company.”

Halliburton “denies all allegations of any wrongdoing, fault, noncompliance, liability; denies that it acted improperly in any way; and denies that it caused any damage or loss arising out of, due to, resulting from, or relating in any way to, directly or indirectly, the Deepwater Horizon incident.”

Read the full story here.