US Escapes $72M Suit Over Failed Oil Projects

Law360, New York (August 29, 2012, 6:12 PM EDT) -- Nycal Offshore Development Corp. cannot recover $72 million in lost profits on a government contract to develop oil and gas projects that later went bust, a federal judge ruled last week, saying the company would not have been able to obtain environmental permits to drill anyway.

U.S. Court of Federal Claims Judge Eric G. Bruggink said in an Aug. 23 opinion that Nycal could not recover lost profits from its ownership of a small percentage of two government-issued oil and gas projects off the coast of...
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