Lukoil To Pay $93M To Settle Getty Transfer Claims

Law360, New York (July 17, 2013, 7:49 PM EDT) -- Russian oil giant OAO Lukoil on Wednesday agreed to pay $93 million to settle a dispute with the trustee for bankrupt Getty Petroleum Marketing Inc. over a 2009 gas station transfer deal, ending a trial over the dispute in New York bankruptcy court.

Under the terms of the deal, Lukoil will pay $93 million to Getty's bankruptcy trust, ending claims that its American unit Lukoil Americas Corp., then Getty's owner, had in November 2009 fraudulently transferred all of Getty's profitable gas stations, subleases and subsidiaries to its...
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