Grupo Mexico Committed Fraud V. Asarco: Judge

Law360, New York (September 2, 2008, 12:00 AM EDT) -- A federal judge has ruled that mining company Grupo Mexico SA committed fraud against its subsidiary Asarco LLC when it shifted Asarco’s stake in lucrative Peruvian copper mines to another of its subsidiaries.

In a 190-page opinion issued on Saturday, Judge Andrew S. Hanen of the U.S. District Court for the Southern District of Texas found that Grupo Mexico committed fraud by transferring Asarco's 54.2 percent ownership interest in Southern Peru Copper Corp. to Americas Mining Corp., another Grupo subsidiary, in 2003.

Judge Hanen also found...
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