Exide Asks Bankruptcy Court To Halt $115M Calif. Plant Suit
Law360, Los Angeles (September 3, 2013, 6:56 PM EDT) -- Exide Technologies Inc. on Friday asked a bankruptcy judge to throw out a $115 million putative class action over environmental hazards at its Vernon, Calif., battery recycling facility, saying the suit would unnecessarily drain the pool of funds for unsecured creditors in its Chapter 11 bankruptcy negotiations.
The Milton, Ga.-based battery maker said in Tuesday’s filing that there’s no reason to move forward with the class action while it is in negotiations with its creditors.
“There is no doubt if the stay were lifted so that the litigation could proceed, it would be a major distraction to [Exide’s] overall restructuring efforts,...
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