$236M Exxon pollution verdict upheld
CONCORD, N.H. -- New Hampshire's highest court upheld a record $236 million judgment Friday against Exxon Mobil for its use of a gasoline additive that contaminated groundwater in the state.
A jury reached the verdict in April 2013 after finding the company liable in a long-running lawsuit over contamination by the chemical MTBE. Lasting nearly four months, the trial was the longest and resulted in the largest jury award in New Hampshire history.
Lawyers for Exxon Mobil asked the court for a new trial. They said the company used MTBE to meet federal Clean Air Act mandates to reduce air pollution and shouldn't be held liable for sites contaminated by unnamed parties, such as owners of junk yards and independent gas stations.
The state Supreme Court rejected that argument Friday and about 10 other points raised by the Irving, Texas-based company. It also reversed a judge's decision to grant Exxon's request to create a trust fund for the bulk of the amount, about $195 million.
Exxon had said the trust fund would ensure the money would pay for cleanup and not be diverted to such state expenses as legal fees for private attorneys hired to litigate the case. The high court said Friday the trust fund was "erroneous as a matter of law."
The state has yet to receive any of the money.
In a statement released Friday, Exxon said it disagreed with the decision and will consider appealing to the U.S. Supreme Court.
-- The Associated Press
Maine moves to protect scallop fisheries
PORTLAND, Maine -- A plan to place new restrictions on Maine's scalloping industry is the right way to ensure that the fishery keeps rebuilding, some fishermen say.
Maine's meaty scallops, which are harvested by drag boats and cold-water divers, are prized in restaurants and fish markets. Their value per pound surged to an all-time high last year, frequently topping $20 -- several dollars more than other scallops.
The fishery is also on the mend, as fishermen harvested nearly 4.9 million pounds of the scallops last year, up from fewer than 700,000 pounds five years earlier. The harvest sometimes topped 10 million pounds in the 1990s.
Trisha Cheney, the state's marine resource management coordinator, said the scallops need additional protections along the state's southern coast, which has lagged in rebuilding, to protect the future of the fishery in that area. The state wants to close some spots to fishing and reduce the number of fishing days from 70 to 60 in the southern area for the upcoming season, which runs December to April.
-- The Associated Press
Sources: Berkshire invests in wind farm
Warren Buffett's Berkshire Hathaway Inc. borrowed $275 million for a 300-megawatt wind farm in Texas that's supplying power to Austin Energy, according to two people familiar with the deal.
Mizuho Financial Group Inc. led the 10-year financing for the Jumbo Road wind farm, said the two people, who asked not to be identified because they're not authorized to discuss the deal publicly. CoBank Financial Corp., Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Banking Corp. also participated.
Berkshire Hathaway's BHE Renewables unit owns the wind farm, which it acquired from Chicago-based Lincoln Clean Energy LLC. Ashton Newman, a spokesman for Berkshire's MidAmerican Energy Co., confirmed in an email Thursday that the deal had closed. She wouldn't provide terms.
Austin Energy, the local utility, has an 18-year power-purchase agreement with Jumbo Road southwest of Amarillo, Texas. It began operations in April and uses General Electric Co. turbines, Newman said.
-- Bloomberg News
Debt overwhelms Russia's No. 2 airline
MOSCOW -- Russia's second-largest airline, Transaero, is in crisis after two creditors on Friday said they will file bankruptcy proceedings following the collapse of a takeover plan.
Transaero has been struggling with debt, and last month a government commission arranged for most of the company's shares to be taken over by the country's largest carrier, state-controlled Aeroflot.
However, the takeover has collapsed in recent days. On Friday two major Russian lenders, Sberbank and Alfa Bank, announced their intention to bring bankruptcy proceedings against Transaero, according to statements on a Russian federal company register.
The Russian government now considers that bankruptcy is "the only possible option," economy minister Alexei Ulyukaev was quoted as saying by the state-owned RIA Novosti news agency. He blamed "ineffective management" at Transaero for the company's troubles.
Transaero shares fell by more than 40 percent in Moscow trading Friday and traded at less than 10 percent of their value compared to eight months ago.
-- Bloomberg News
Blue Bell plans to restart Texas plant
BRENHAM, Texas -- Blue Bell plans to restart its main Texas ice cream-making plant in a few months as sales expand following listeria contamination and cleanup.
Blue Bell said Thursday that its products will return to the Dallas, Fort Worth and Waco areas on Nov. 2, plus Oklahoma City and Tulsa.
The Brenham-based company on Aug. 31 resumed selling ice cream in the Houston and Austin areas, four months after suspending sales when listeria was found at some plants.
Nov. 2 marks the second part of Blue Bell's five-phase plan to re-enter the market. No dates have been announced for the next three phases. Blue Bell announced in August that Arkansas distribution will be part of the final phase.
Bell Bell was linked to 10 listeriosis cases, including three deaths in Kansas. The bacterium can cause serious illness, especially in older adults, pregnant women and people with weakened immune systems.
Blue Bell resumed limited production after extensive cleaning and decontamination. Items are currently produced in Sylacauga, Ala., and Broken Arrow, Okla.
-- The Associated Press
Business on 10/03/2015