Gerald To Pay $5.6M To Settle Asarco Dispute

Law360, New York (July 6, 2007, 12:00 AM EDT) -- Bankrupt metals trader Asarco LLC has reached a settlement with Gerald Metals Inc., bringing an end to a year-long dispute over several contracts.

Under the terms of the settlement, reached Tuesday, Gerald will pay Asarco nearly $5.6 million to settle its debt. Gerald will be granted an unsecured claim on Asarco's estate of over $12.3 million.

The dispute between the companies involved several agreements between Asarco and Gerald made before Asarco's bankruptcy, mostly involving sales of metals to Gerald. Asarco also entered into several agreements under...
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