Anadarko settles legacy claims against Kerr-McGee for $5.15 billion

04/14/2014
Anadarko Petroleum Corp. and subsidiaries it acquired when it bought Kerr-McGee Corp. in 2006 agreed to pay $5.15 billion to settle fraudulent conveyance allegations brought by the US government and co-plaintiff Anadarko Litigation Trust in the bankruptcy of Tronox Inc. A federal bankruptcy court found in December 2013 that Kerr-McGee conveyed its oil and gas assets to a new entity with the same name and renamed the remaining holdings Tronox in an attempt to evade debts, including its environmental liability to clean up contaminated sites around the country, US Department of Justice and Environmental Protection Agency officials jointly announced on Apr. 3. They reported that of the settle...
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