London P&I Club ordered to pay nearly $1 billion in oil spill claim

The European Union’s top court has sided with Spain, ordering U.K.-based marine insurer The London P&I Club to pay a multi-million dollar claim for the damage caused by a major oil spill from a Greek oil tanker in 2002, Reuters reported. A Spanish court initially ordered the insurer to pay up to $1 billion in compensation after the London P&I Club-insured Greek vessel Prestige spilled 63,000 tons of black fuel off the coast of Galicia in 2002, forcing the closure of Spain’s richest fishing grounds