Taylor Oil, feds settle lawsuit over leaking wells


A New Orleans-based oil company has agreed to turn over a $432 million cleanup trust fund and pay an additional $43 million to settle a federal lawsuit over cleaning up abandoned wells leaking since 2004, federal prosecutors said Dec. 22.

Attorneys for Taylor Oil Co., which agreed to drop three lawsuits challenging government cleanup orders and measures, did not immediately respond to an email requesting comment. As is common in such agreements, the proposed settlement said Taylor does not admit any liability. Read more.