Greif Must Pay Cleanup Costs From Asset Deal: 5th Circ.

Law360, New York (June 21, 2011, 5:32 PM EDT) -- The Fifth Circuit on Tuesday upheld a ruling that Greif Industrial Packaging & Services LLC couldn't hold back $650,000 it spent cleaning toxic waste from the price of an $11.5 million Chapter 11 asset purchase from bankrupt Evans Industries Inc.

The money rightly belongs to a distribution trust set up by the now-defunct Louisiana-based steel container maker, the Fifth Circuit said, affirming a federal Louisiana court's ruling in favor of trustee R. Patrick Sharp III, who sued after Greif tried to hold back escrowed money....
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