This is a Louisiana news story, published by Home, that relates primarily to Chevron news.
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Business & Economics
80% Informative
Oil company Chevron must pay $744.6 million to restore damage it caused to southeast Louisiana 's coastal wetlands.
Jurors found that energy giant Texaco , acquired by Chevron in 2001 , had for decades violated Louisiana regulations governing coastal resources.
The verdict which Chevron says it will appeal could set a precedent leaving other oil and gas firms on the hook for billions of dollars in damages tied to land loss.
The state of Louisiana has backed Plaquemines and other local governments in their lawsuits against oil companies.
Industry groups have accused the firm of seeking big paydays, not coastal restoration.
Oil companies have fought tooth and nail to quash the litigation, including unsuccessfully lobbying Louisiana’s Legislature to invalidate the claims.
The state is running out of money to support its ambitious coastal restoration plans.
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