Freeport Sues Over $37M Enviro Settlement Coverage

Law360, New York (July 23, 2010, 4:28 PM EDT) -- Freeport McMoRan Corp. has sued its former subsidiary Columbian Chemicals Co., seeking a contribution to a $36.5 million settlement for a pair of environmental lawsuits and a declaration that Columbian Chemicals may not seek benefits under its insurance policies.

Columbian Chemicals has refused to cough up funds for its portion of the settlement and has improperly sought coverage under Freeport's insurance policies, according to a complaint filed Wednesday in the Supreme Court of the State of New York, New York County.

Freeport, Columbian Chemicals and Columbian...
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