China Accepts $78M Lawsuit Against ConocoPhilips (COP) Tied to Bohai Bay Spill
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ConocoPhilips (NYSE: COP) could end up paying millions, if not billions, from the oil leak in Bohai Bay.
Reports Friday suggest a Chinese court accepted a lawsuit for $78 million filed by local fishermen seeking damages tied to the incident. The suit was filed in China's Tianjin Maritime Court on behalf of clam and sea cucumber producers.
The incident in June, which caused 3,343 barrels of oil spill into Bohai Bay, also caused Chinese authorities to halt production in one of China's largest offshore sites, potentially lasting into 2012.
Conoco has tried to fight the accusations, saying independent scientific findings have shown oily substances have come from other sources. Still, Conoco took blame for the two spills, setting up a foundation to deal with the fallout.
Whether more lawsuits will be triggered over the event has yet to been seen. Conoco didn't issue a comment on the story.
Shares are down 0.2 percent Friday.
Reports Friday suggest a Chinese court accepted a lawsuit for $78 million filed by local fishermen seeking damages tied to the incident. The suit was filed in China's Tianjin Maritime Court on behalf of clam and sea cucumber producers.
The incident in June, which caused 3,343 barrels of oil spill into Bohai Bay, also caused Chinese authorities to halt production in one of China's largest offshore sites, potentially lasting into 2012.
Conoco has tried to fight the accusations, saying independent scientific findings have shown oily substances have come from other sources. Still, Conoco took blame for the two spills, setting up a foundation to deal with the fallout.
Whether more lawsuits will be triggered over the event has yet to been seen. Conoco didn't issue a comment on the story.
Shares are down 0.2 percent Friday.
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