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Beyond Tampa Bay: U.S. reaches $5.15 billion settlement with Anadarko Petroleum Corp.

The federal government on Thursday reached a $5.15 billion settlement with Anadarko Petroleum Corp., the largest ever for environmental contamination, to settle claims related to the cleanup of thousands of sites tainted with hazardous chemicals for decades. The bulk of the money — $4.4 billion — will pay for environmental cleanup and be used to settle claims stemming from the legacy contamination. The settlement resolves a legal battle over Tronox Inc., a spin-off of Kerr-McGee Corp., a company Anadarko acquired in 2006.

Jeremy Stein, a member of the Federal Reserve Board, announced Thursday that he plans to resign next month to return to Harvard University, creating more turnover on the seven-member board. In a letter to President Barack Obama, Stein said he will resign effective May 28 and return to Harvard, where he had been an economics professor beginning in 2000. Stein has been on the Fed board since 2012.

Mozilla co-founder Brendan Eich is stepping down as CEO following protests over his support of a gay marriage ban in California. The Mountain View, Calif.-based nonprofit maker of the Firefox browser infuriated many employees and users last week by promoting Eich. At issue was his $1,000 donation in 2008 to the campaign to pass California's Proposition 8, a constitutional amendment that outlawed same-sex marriages. The ban was overturned when the U.S. Supreme Court last year left in place a lower-court ruling striking down the ballot measure.

Brookstone, the struggling retailer known for its consumer gadgets, massage chairs and other home furnishings, filed for Chapter 11 bankruptcy protection Thursday, with plans to sell itself to the owner of the Spencer's retail chain for about $147 million. The company, which is privately held, said it lost $18 million in the 13 weeks ended Sept. 28, compared with a loss of $12 million in the period a year earlier.

tHE BOTTOM LINE: Clothing maker Ecko Unltd. is seeking Chapter 11 bankruptcy protection, court filings show. … Russian gas giant Gazprom urged Ukraine to pay its debt and announced a 70 percent rise in supply charges. … N.J.'s largest paper, Newark's Star-Ledger, will cut 40 news jobs.

Beyond Tampa Bay: U.S. reaches $5.15 billion settlement with Anadarko Petroleum Corp. 04/03/14 [Last modified: Thursday, April 3, 2014 11:03pm]
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