Halliburton in $1.1 billion oil spill settlement

Rear Admiral Paul F. Zukunft, of the United States Coast Guard, takes an aerial tour of the Deepwater Horizon recovery operation on July 11, 2010.

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NEW YORK (CNNMoney) — Halliburton will pay $1.1 billion to settle lawsuits stemming from the worst oil spill in U.S. history.

The settlement, which is subject to approval by federal authorities, resolves most of the legal claims that Halliburton is facing over its role in the 2010 oil spill in the Gulf of Mexico, the company said in a statement Tuesday.

Halliburton, which poured the cement on the well that was at the center of the spill, is one of three companies that have been blamed for the spill.

BP, the London-based oil company that owned the Macando well, has paid billions to businesses and individuals that were harmed by the spill. Transocean, which operated the oil rig that was pumping oil out of the well, has also paid a substantial amount.

Deepwater Horizon oil rig exploded on April 20, 2010, killing 11 people and unleashing hundreds of thousands of gallons of oil into the Gulf

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