Asarco Sues Sterlite Over $2.6B Purchase Agreement

Law360, New York (March 19, 2010, 6:39 PM EDT) -- Asarco LLC has accused Sterlite Inc. of violating a May 2008 purchase and sale agreement when it aborted a bid to buy the then-bankrupt mining company for $2.6 billion and to assume millions of dollars in its contractual obligations and liabilities.

Asarco sued Sterlite on Wednesday in the U.S. Bankruptcy Court for the Southern District of Texas, saying its “intentional and blatant breach of the original PSA caused significant damage to Asarco.”

In addition to accusing Sterlite of not paying the purchase price or assuming its...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.