In brief: Anadarko to pay $5.1 billion to settle pollution case

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Posted: Saturday, April 5, 2014 12:00 am

A giant Texas oil company, Anadarko Petroleum, has agreed to pay $5.1 billion for a vast environmental cleanup, a sum the Justice Department said was the largest it had ever won in such a case. The settlement, announced Thursday, is aimed at restoring thousands of sites polluted by toxins and compensating thousands of people with personal injury claims. The case stretches back almost a decade, originating with claims against Kerr-McGee, an Oklahoma energy and chemical company that is now a subsidiary of Anadarko, one of the country’s most successful oil and gas producers.

Pesky spiders force another Mazda recall

Mazda is recalling 42,000 Mazda6 cars in the U.S. because spiders can weave a web in a vent hose and cause the fuel tank to crack. The recall involves cars from the 2010 through 2012 model years equipped with 2.5-liter engines. The yellow sac spider, which is attracted to hydrocarbons, builds webs that cause pressure to build in the fuel tank. That increases the risk of fuel leaks and fire. Mazda recalled cars in 2011 for the same problem. It put covers on the vent line but has found spiders can get past them.

Nest halts sales of smoke detector

Nest Labs, the home automation company recently acquired by Google for $3.2 billion, said Thursday that it was halting sales of its smoke and carbon monoxide detector over safety concerns. Tony Fadell, Nest CEO, said that it would stop selling the product, Nest Protect, until it fixed a problem with a feature that lets people temporarily disable the alarm by waving their hands in front of the detector. Fadell said Nest was concerned that the feature could be unintentionally activated, potentially delaying the alarm from going off if there was a fire.

Goldman CEO’s pay is tops among big banks

Goldman Sachs Group awarded Chief Executive Officer Lloyd Blankfein a $6 million cash bonus to be paid out in three years if he meets certain targets, on top of $23 million in 2013 compensation. Blankfein, 59, was the highest-paid CEO among peers at the largest U.S. banks for a second straight year. Goldman Sachs had an 11 percent return on equity in 2013, topping its largest Wall Street rivals, as it cut compensation costs amid revenue that was little changed. Blankfein’s total compensation package of $29 million topped the $20 million given to JPMorgan Chase CEO Jamie Dimon and the $18 million for Morgan Stanley CEO James Gorman. Bank of America’s Brian Moynihan received $14 million and Citigroup’s Michael Corbat $14.5 million.

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