Settlement talks continue in suit over 13-year-old oil leak

A company that has failed to stop a 13-year-old oil leak in the Gulf of Mexico is asking for more time to negotiate a settlement that could allow it to recover millions of dollars it set aside for work to end the leak.

A court filing Thursday says Taylor Energy Co. representatives and U.S. officials have met four times in the past year to discuss possible terms of a settlement that would resolve its lawsuit against the federal government.

Justice Department attorneys joined the company in asking a federal judge for more time to negotiate.

Taylor Energy claims regulators violated an agreement requiring the company to deposit approximately $666 million in a trust to pay for leak response work. The company argued the government must return the remaining $432 million.