Asarco Officials Hit With $100M Derivative Suit

Law360, New York (August 9, 2007, 12:00 AM EDT) -- Creditors of beleaguered Asarco LLC have filed a derivative suit against the company's former executives, seeking at least $100 million in damages for what they claim was gross negligence on the part of top company officials.

The official committee of unsecured creditors lodged the derivative action on behalf of Asarco's estate Wednesday, claiming directors and officers of the bankrupt copper mining company violated their fiduciary duties by stripping it of key assets at bargain basement prices.

“During their tenure with Asarco, the directors and officers voted...
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