Oil Cos. Can Collect $1.1B From Feds: Fed. Circ.

Law360, New York (August 25, 2008, 12:00 AM EDT) -- The United States government will have to pay out $1.1 billion to oil and gas companies after a federal appeals court on Monday upheld a 2005 lower court ruling that amendments to a federal environmental law constituted a breach of contract.

A three-judge panel of the U.S. Court of Appeals for the Federal Circuit ruled that a group of oil and gas companies were entitled to repayment of the initial costs of oil leases off the coast of California because the government suspended the leases after...
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