Treasury Sets New Procedures For Gulf Coast Cleanup

Law360, New York (September 5, 2013, 4:22 PM EDT) -- The U.S. Department of Treasury will attempt to take a middle-ground approach when weighing grant applications for Gulf Coast states affected by the Deepwater Horizon oil spill, according to a proposal to be published Friday in the Federal Register.

Congressionally mandated restoration projects in Gulf Coast states affected by the Deepwater Horizon oil spill will split $800 million in penalties Transocean Ltd. paid for its role in the disaster.

Passed by Congress last year, the law requires that 80 percent of civil penalties against the drilling...
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