Historic deal: A federal judge today approved a $20 billion settlement to end years of litigation over the deadly BP explosion and oil spill in the Gulf of Mexico in 2010 that killed 11 people, devastated the region’s economy and lacquered miles of coastline in the worst oil spill in the nation’s history. According to U.S News & World Report, U.S. District Judge Carl Barbier signed off on the agreement, which was reached with the U.S. government and five Gulf states. First announced in July, the settlement includes $5.5. billion in civil penalties under the Clean Water Act—the largest ever—as well as billions more for environmental damage. The money will be paid over 16 years. Read the full story.
Overpaid: Louisiana has topped a list of states with above average Medicare overbilling rates. According to the Council for Medicare Integrity, Louisiana misbilled for Medicare payments in 19.4% of cases—more than any other state. The state’s projected improper payments are estimated to be nearly $1.3 billion lost from the Medicare Trust Fund. “This shocking list shows that it is not just one or two states that are responsible for the high average of improper payments nationwide; but in fact, overbilling is rampant all across the country,” says Kristin Walter, spokeswoman for the Council for Medicare Integrity. The center ranked 21 states projected to have above average rates of overbilling. Rounding out the top five are Texas, North Dakota, Wyoming and Georgia.
Battle waged: Westlake Chemical Corp. will wage a proxy battle for control of Axiall Corp., North America’s largest producer of vinyl building products, after a sweetened $1.6 billion takeover bid was rejected, FuelFix.com reports. Axiall turned down the unsolicited cash-and-stock offer of $23.35 a share, raised 17% from a January proposal, Houston-based Westlake says in a statement today. A previously announced slate of 10 nominees to the Axiall board will be submitted to the Securities and Exchange Commission, Westlake says. Axiall’s board unanimously rejected the revised offer and said Westlake was underestimating the cost savings from a combination. The board estimates the savings could reach $270 million a year, compared with the $60 million underlying Westlake’s proposal, Atlanta-based Axiall says. Read the full story.
