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Oil & Gas

Companies to pay $44.4 million to settle Cosco Busan oil spill lawsuit

September 20, 2011
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SAN FRANCISCO — Shipping companies Regal Stone Limited and Fleet Management Ltd. have agreed to pay $44.4 million to settle a federal lawsuit over the 2007 Cosco Busan oil spill, which polluted San Francisco Bay and killed thousands of birds and fish, the San Francisco Chronicle reported.

The settlement requires the companies to compensate local, state and federal agencies for the loss of recreational opportunities.

The money will be used to improve coastal access and restore facilities, habitat and fisheries that were damaged.

“We are seeing to it that those responsible for the spill are held accountable and that they pay their share for restoring and improving our precious natural resources and public lands,” said U.S. Secretary of the Interior Ken Salazar.
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