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Brazil judge dismisses oil spill case against Chevron

  • A Brazilian federal judge dismisses a lawsuit against Chevron (CVX -0.2%) after approving a negotiated settlement, a decision that closes a nearly two-year legal battle over the 2011 oil spill at the Frade offshore oil field.
  • The dismissal came after the judge accepted an "adjustment of conduct" deal with CVX that commits the company to spending ~300M reais in compensatory activities.
  • Brazilian prosecutors originally sought 40B reais ($18B) in damages from CVX and offshore drilling contractor Transocean (RIG +0.7%) for a leak at the CVX-operated field; CVX and the government agencies signing the accord said RIG had no responsibility for the spill.