Suit Against Chevron Turned Aside by Brazilian Judge and 2 Other Dow Movers to Watch
Chevron Corp. (NYSE:CVX): Current price $121.62
Brazilian federal Judge Raffaele Felice Pirro has turned aside a civil lawsuit against Chevron Corp. and driller Transocean Ltd. in regards to a 2011 oil spill off the coast of Rio de Janeiro. Federal prosecutors had been looking for around $20 billion in damages for some 110,000 gallons of crude that seeped into the ocean near the Chevron well in November 2011. The prosecutor’s office had no immediate comment on the ruling announced late on Monday. Pirro dismissed the case after Chevron agreed to pay the equivalent of approximately $150 million in “compensatory activities.” The judge also said Transocean bore no responsibility for the spill.