Murphy Oil Corp.

New Orleans, LA: A class action lawsuit was filed against Murphy Oil Corp. by about 6,000 New Orleans homeowners whose houses were flooded with 25,000 barrels of oil from a storage tank that floated off its foundation during Hurricane Katrina. A settlement reached by a federal judge requires Murphy Oil Corp. to pay the New Orleans homeowners a $330 million class action settlement. Though the majority of claims were within the class action lawsuit, many individual suits remain unsettled. Damage compensation will range from a flat $15,000 up to $40 per square foot and $3,375 per occupant. (Jan-31-07) [NEW STANDARD NEWS: OIL SPILL CLASS ACTION SETTLEMENT]