Chevron Case Sent Back to Federal Judge as US Economy Slows
A $744.6 million coastal-damage case against Chevron has been sent back to a federal district judge by the Fifth Circuit Court of Appeals, temporarily halting state-court proceedings.
The move follows an April Supreme Court ruling that strengthened oil companies' ability to move certain Louisiana coastal lawsuits into federal court based on their World War II-era work for the federal government.
The $744.6 million jury verdict remains intact for now, but whether it survives and whether the case proceeds in state or federal court will be decided by the federal district court.
In other economic news, the US economy grew at a sluggish 1.5% annual pace in the second quarter, down from 2.1% in the first quarter.
However, consumer spending remained strong, rising 3.4%, while business investment surged 8.5%, fueled largely by the AI boom.