Anadarko Petroleum Corp. (APC) and its Kerr-McGee unit failed to settle a $25 billion lawsuit brought by the U.S. and Tronox Inc. and a trial will resume next week, a lawyer said. Anadarko fell as much as 5.2 percent.
“There is no settlement agreement and we’re going to be resuming trial” on July 24, John Hueston, a lawyer for the U.S. and Tronox said today in a phone interview. Hueston declined to comment on whether further settlement talks were possible, or potential amounts discussed in the talks, which have been going on since at least July 12.
Anadarko remains “committed to resolving the Tronox litigation through informal negotiations or other alternative dispute resolution mechanisms,” John Christiansen, a company spokesman, said in an e-mailed statement. He said that the trial is set to resume July 24, as previously scheduled, and declined to comment on the status of the negotiations, saying they are confidential.
Read here:
If you enjoy the content at iBankCoin, please follow us on Twitter
