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U.S. News Judge approves settlement for Murphy Oil's Katrina spill

A federal judge has approved a $330 million settlement between Murphy Oil Corp. and about 6,000 New Orleans homeowners whose houses were flooded with 25,000 barrels of oil from a storage tank that floated off its foundation during Hurricane Katrina. The vast majority of related claims were within the class-action lawsuit, but many individual suits remain unsettled. Damage compensation will range from a flat $15,000 up to $40 per square foot and $3,375 per occupant. The legal firm that represented the plaintiffs is to get $33.7 million.
Main Source: Associated Press


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