NEW ORLEANS (Legal Newsline) - A shareholder in a well owned by BP that failed and helped create the Gulf oil spill has settled with the federal government and five states.
MOEX Offshore owned 10 percent of the failed Macondo well and previously settled a lawsuit filed against it by BP for $1.1 billion. Last week's settlement requires the company, which is owned by Mitsui & Co., to pay $45 million in civil penalties to the federal government and $25 million to Alabama, Louisiana, Mississippi and Texas.
Another $20 million is to be paid for land acquisition projects.
"This settlement is only for civil penalties, not damages, from just one minor violator," Mississippi Attorney General Jim Hood said.
"We are continuing to pursue recovery for civil penalties and economic and environmental damages from all other parties responsible for the largest oil spill in U.S. history."
On April 20, 2010, the Deepawater Horizon oil rig suffered an explosion, and the Macondo Well faltered.
Louisiana is receiving $6.75 million and Texas is getting $3.25 million. Florida, Alabama and Mississippi each get $5 million.
The trial in the oil spill multidistrict litigation is scheduled to begin Monday.
From Legal Newsline: Reach John O'Brien by e-mail at email@example.com.