Foreclosures Can Pose Hidden Enviro Risks For Banks

Law360, New York (March 25, 2010, 3:39 PM EDT) -- As banks foreclose in record numbers on unfinished construction projects, they could find themselves liable for stormwater and other environmental violations not covered by their secured creditor exemptions.

No major Clean Water Act lawsuits have yet been filed against banks in the U.S. with respect to stormwater violations, but state regulators may have issued notices of violation or unilateral administrative orders, according to David Roth, a partner in the environmental and toxic tort practice group at Bradley Arant Boult Cummings LLP.

At the very least, many...
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