Murphy Oil Corp.

Los Angeles - A class action lawsuit was filed regarding the oil spill that damaged 10,000 homes in New Orleans. Approximately one million gallons of oil spilled out of holding tanks after Hurricane Katrina in August 2005. The class action lawsuit claimed Murphy Oil was negligent for not properly securing the storage tank that leaked after being rocked by floodwaters. Murphy Oil has agreed to settle the class action lawsuit for $330 million. The proposed agreement is subject to approval from the US District Court for the Eastern District of Louisiana. (Sep-25-06) [REUTERS: OIL SPILL]