Asarco Gets Green Light On $1B Enviro Settlement

Law360, New York (June 5, 2009, 12:00 AM EDT) -- In the largest environmental bankruptcy in U.S. history, Asarco LLC has won final court approval to settle approximately $3.6 billion in environmental claims at 46 sites nationwide for a total of $1.1 billion.

Judge Richard S. Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas signed off Friday on Asarco's motion to approve the settlement, which resolves claims filed against the company by 48 federal and state agencies.

The ruling came after a two-day evidentiary hearing involving dozens of witnesses and multiple parties...
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