Old GM Reaches $51M Settlement Over Enviro Claims

Law360, New York (March 7, 2011, 4:22 PM EST) -- Federal officials Friday agreed to a $51 million settlement with Motors Liquidation Co., the bankrupt remnants of General Motors Corp., over environmental claims at 34 sites and facilities.

The U.S. Environmental Protection Agency will receive stocks and warrants issued by the new General Motors Corp. to cover $36 million worth of general unsecured claims against Motors Liquidation, commonly called Old GM, according to the agreement filed in U.S. Bankruptcy Court for the Southern District of New York.

The EPA would also receive $15 million for cleanup...
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