- Anadarko Petroleum (APC +2.7%) says it should pay no more than $1.76B in damages to Tronox (TROX) creditors for an improper spinoff, not up to $14.5B as a judge ruled last month.
- In a filing yesterday with U.S. Bankruptcy Court in Manhattan, APC challenged parts of a decision made last month that found it liable for $5B-$14.5B, subject to the calculation of how much APC is owed as a creditor in TROX's bankruptcy.
- "The Court's approach... leads to incorrect conclusions for the calculation of damages and is contrary to [its] stated view that the purpose of the applicable law is 'remedial rather than punitive'," APC CEO Al Walker says.
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