Court Approves Transocean $1B Oil Spill Settlement

Bloomberg reported that Transocean Ltd. won court approval of its proposed $1B settlement with the United States for the pollution caused by the oil-rig explosion in the Gulf of Mexico in 2010.

As quoted in the market news:

Transocean said last month that it would pay $1.4 billion, including a $400 million criminal penalty, to settle federal claims it violated the U.S. Clean Water Act. U.S. District Judge Carl Barbier in New Orleans, who is overseeing lawsuits stemming from the spill, approved the $1 billion civil portion today.

Click here to read the full Bloomberg report.