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UPDATE: Two oil companies and levee board settle for $50,000

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Two privately held Texas oil companies that were among nearly 90 defendants named in the Southeast Louisiana Flood Protection Authority-East?s (SLFPA-E) landmark environmental lawsuit have settled with the flood authority for a combined total of $50,000 in damages, according to documents filed in federal court and statements by the attorneys involved.

The terms of the settlement were announced a few hours after attorneys for SLFPA-E, White Oak Operating Co., L.L.C. and Chroma Operating, Inc. filed a ?Joint Motion for Order of Dismissal With Prejudice? in federal court on Thursday.? [ Read more ]

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Re: UPDATE: Two oil companies and levee board settle for $50,000

Quote:

Originally Posted by Clancy DuBos, Blog of New Orleans

While the dollar amount of the settlement seems small at first glance, the fact that two oil companies have admitted responsibility for increased public exposure to hurricane-related flooding due to their operations in coastal wetlands — and agreed to pay damages — is huge. The settlement marks the first time an admission of this kind, along with payment of damages, has ever been made by energy companies.

That's what I was thinking at first, only $50k? Good article, very informative, :).