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Hess Corporation Agrees to $106 Million Settlement for St. Croix Asbestos Claims

Ernice Gilbert | May 28, 2023

Hess Corporation, an oil and gas company, has agreed to pay $106 million in an effort to settle asbestos injury claims related to the St. Croix oil refinery which HESS's bankrupt subsidiary, HONX Inc. operated from 1965 to 1998, according to a Chapter 11 plan of reorganization filed on Wednesday. As per the reorganization plan submitted in the U.S. Bankruptcy Court for the Southern District of Texas, HONX and Hess will establish a trust to examine the over 900 unresolved asbestos claims and pay the respective claimants. This arrangement grants them immunity from any legal actions concerning the alleged hazardous material, and as HONX asserts, it will yield more funds for the claimants by preventing expensive legal proceedings. In a statement attached to the Chapter 11 plan, both HONX and Hess expressed their belief that confirming the plan…

SBA Announces Up to $2M Disaster Loans for Drought-Impacted…

Staff Consortium | May 27, 2023

The U.S. Small Business Administration on Friday unveiled a new lifeline for small businesses, small…

Court Questions EPA's Power to Demand New Pollution…

Ernice Gilbert | May 25, 2023

In a hearing Wednesday on St. Croix, a panel of judges from the 3rd U.S. Circuit Court of Appeals expressed…

USVI GDP Sees 2.8 Percent Growth in 2021 Powered by…

Ernice Gilbert | May 23, 2023

The real gross domestic product for the U.S. Virgin Islands experienced a growth of 2.8 percent in 2021,…

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