NY Judge Refuses To Toss Freeport McMoRan Suit

Law360, New York (July 19, 2011, 4:04 PM EDT) -- A New York state judge refused Tuesday to toss Freeport McMoRan Corp.'s allegations that it should not have to cover future environmental liabilities for its former subsidiary, Columbian Chemicals Co., because factual issues over a merger agreement remain.

The dispute centers around a 2005 spinoff by Phelps Dodge Corp., now a part of Freeport McMoRan, of Columbian Chemicals. The agreement included provisions to divide various liabilities, including antitrust lawsuits, asbestos lawsuits and environmental contamination lawsuits, according to court documents.

In a ruling from the bench, Judge...
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