Asarco To Pay $33.4M In Toxic Cleanup Claims

Law360, New York (January 17, 2008, 12:00 AM EST) -- Bankrupt mining company Asarco LLC on Wednesday asked a judge to approve a settlement resolving disputes with the state of California and a subsidiary of ConocoPhillips over cleanup costs for a contaminated smelter site, allowing claims totaling almost $34 million.

The California Department of Toxic Substances Control would receive the bulk of the settlement, a general unsecured claim of about $33.4 million. The California State Lands Commission would receive a claim of $258,895, and ConocoPhillips subsidiary C.S. Land, which purchased the site in 1989, would receive...
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