Chevron offers $144 million settlement for Brazil oil spill

December 17, 2012
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Chevron's $144 Million Settlement

The laws in Brazil can play a big impact on the growth and expansion of a foreign company attempting to invest in resources in this country. For instance, any business attempting to create mergers or acquisitions would need the assistance of a Brazilian law firm experienced in business-related legal matters.

A variety of disputes could lead to a lawsuit for any company and business owners will need to ensure that dealings with employees, contract workers, consumers and other staff comply with all laws in Brazil. The energy industry, for example, has had a large amount of legal difficulties, especially when it comes to a potential oil spill that damages wildlife.

Environmental laws in Brazil can be complex and, as such, working with a Brazilian law firm may prove necessary. The San Francisco Business Times reported that Chevron Corporation is currently offering to pay $144 million to settle lawsuits surrounding an oil spill that occurred in Brazil last year.

However, prosecutors in the case have been seeking $20 billion in damages, which means this settlement may not be agreed upon by the plaintiffs. Both parties are working with an arbitration lawyer to come to a resolution regarding the appropriate settlement.

"We could have an agreement before Christmas," Gisele Porto, prosecutor for the case, told Reuters. "The amount is reasonable, and I don't think I could get a judge to sign off on more."

Fox Business reported that the case would come to a close and the two parties will be able to settle if an environmental regulator can prove that no environmental damage was caused by the oil spill of 3,700 barrels of crude product dumped into the Atlantic Ocean.

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