Taylor Energy, U.S. Feds Reach $475M Settlement in Longest-running Offshore Oil Spill
Oil company Taylor Energy Co LLC agreed to transfer a $432 million cleanup trust account to the U.S. government and pay an additional $43 million to resolve a lawsuit over its role in the longest-running oil spill in U.S. history under a proposed deal filed in New Orleans federal court on Wednesday.The New Orleans company and federal officials filed a proposed consent decree to resolve claims arising from a 2004 incident when Hurricane Ivan caused one of Taylor's offshore drilling platforms to collapse in the Gulf of Mexico.
Rouhani Expects UK Tanker Held in Iran to be Released
Iranian President Hassan Rouhani said on Thursday he expected the British-flagged oil tanker Stena Impero, seized by Iran in July, to be released after the completion of legal procedures in his country."The tanker is going through the final court proceedings. I predict that it will be released," Rouhani said at a news conference in New York during the United Nations' annual gathering of world leaders.The ship's owner, Stena Bulk of Sweden, said on Wednesday the vessel was still being held in Iran despite the lifting of a detention order on the tanker by Tehran.Stena Bulk said it was not in negotiations with Iran and was not aware of…
Harvey Gulf Receives Court's Confirmation of Reorganization Plan
Harvey Gulf International Marine issues statement on status of Chapter 11 Reorganization. Today, the United States Bankruptcy Court, Southern District of Texas - Houston Division, confirmed the final Plan of Reorganization submitted by Harvey Gulf International Marine. The approval comes just 77 days following Harvey Gulf’s prepackaged filing, considerably faster than all previous Chapter 11 proceedings for vessel operators over the last five years. Following the hearing, Harvey Gulf CEO, Shane Guidry, commented, “We really appreciate the diligent and collaborative efforts of all involved in this process – both within the company and from the legal and financial support teams.” Mr.
UK P&I Club Restructures
Move intended to increase efficiency under Solvency 2. The UK P&I Club has announced that it is reorganising its structure to establish UK Europe as the sole provider of direct insurance to UK Club members. By reducing the number of separately regulated insurers from two to one, the UK Club aims to streamline governance, reduce compliance costs and manage more efficiently the Club’s solvency capital requirements whilst meeting the impending Solvency 2 regulations for insurers in the European Union.
Crowley's Puerto Rico Liner Settlement
Crowley Liner Services, Inc. (Crowley) has entered into a settlement agreement with the plaintiffs in the Puerto Rican Cabotage Antitrust Litigation. Although the company specifically denied violating the antitrust laws, it agreed to the settlement given the high cost and burden of litigation, which is expected to continue for several more years. Following the announcement in April 2008 of a government investigation of pricing practices of ocean carriers operating in the Puerto Rico trade, several class action lawsuits were filed against Crowley and other domestic ocean liner carriers on behalf of those who directly purchased domestic ocean shipping services in the Puerto Rico tradelane between 2002 and 2008.
Tanker Company Fined $1.5M
The Department of Justice, on behalf of the Departments of Interior and Commerce, and the State of New Jersey, announced today that France Shipmanagement S.A., the operator of the tank vessel Anitra-from which there was an estimated 40,000 gallon oil spill in 1996 into the Delaware Bay off the coast of New Jersey-has agreed to pay the United States and State of New Jersey a combined $1.5 million to resolve allegations that the spill resulted in injury to natural resources. “The funds provided as a result of today's settlement help us realize the goal of restoring the breeding grounds of migratory shorebirds, like the piping plover,” said Tom Sansonetti, Assistant Attorney General for the Justice Department's Environment and Natural Resources Division. The U.S.
Trimble Settles Class Action Lawsuit
Trimble announced the settlement of the securities class action lawsuit filed on December 6, 1995 against the company and certain of its current and former officers and directors. The final court-approved settlement was funded by insurance proceeds and payment by the company of $1.8 million. The entire amount of the company's obligations was previously reserved. The settlement will not adversely affect Trimble's financial results.
