On March 4, Louisiana's Attorney General (AG) signed a $100 million settlement agreement with a Phoenix-based mining giant over lawsuits claiming the oil and gas company of damaging the state's coast.
The lawsuits were filed by seven parishes on behalf of all the coastal parishes claiming 42 energy companies for damaging wetlands and marshes through drilling and other projects.
According to the settlement agreement, the company is expected to pay $23.5 million in cash and $76.5 million through selling environmental credits. Out of the total, $15 million of the cash settlement would be deposited into a trust, which will be followed by $4.25 million in 2023 and 2024.
The settlement will release the company from liability for any current claims and all the lawsuits from the coastal parish against the company would be dismissed.
The payments will only be distributed after the state Legislature creates an oversight board to hold and manage the money. The money will be used for the state’s Coastal Master Plan, with 60% for state projects and 40% for local projects.
