Asarco Inc. Challenges $1.1B Enviro Settlement

Law360, New York (June 26, 2009, 12:00 AM EDT) -- Asarco LLC parent Asarco Inc. is challenging a settlement agreement under which Asarco LLC would resolve about $3.6 billion in environmental claims for about $835 million in unsecured claims and $275 million in cash, arguing that the debtor is being put on the hook for contamination it did not cause.

Asarco Inc. filed its statement of issues on appeal on Thursday in the U.S. Bankruptcy Court for the Southern District of Texas. On June 15, the parent filed notice that it was appealing Judge Richard Schmidt’s...
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