05/15/2008 05:12 am ET | Updated May 25, 2011

Oil Giants To Settle Public Water Suit

Some of the nation's largest oil companies have agreed to pay about $423 million in cash to settle a lawsuit brought by more than a hundred public water providers, claiming water contamination from a popular gasoline additive.

The terms of the settlement were submitted for approval in the federal court for the Southern District of New York. Under the terms of the deal, the companies also agreed to pay 70 percent of the future cleanup costs over the next 30 years.

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