Judge OKs Asarco Cleanup Settlement

Law360 (August 24, 2007, 12:00 AM EDT) -- The bankruptcy judge overseeing Asarco LLC's Chapter 11 case has given the nod to a $31 million settlement between the copper mining company and government environment officials over cleanup at its hazardous California Gulch smelter site.

Ruling the settlement was in the best interests of Asarco and its creditors, Texas bankruptcy court Judge Richard Schmidt on Thursday signed off on the agreement, which resolves future liabilities and costs at the Asarco unit known as California Gulch in Leadville, Colo.

The beleaguered company, plagued by environmental and...
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