Under Deal, Judge Tosses $946M Marcal Claim

Law360 (July 22, 2008, 12:00 AM EDT) -- The judge overseeing Marcal Paper Mills Inc.'s Chapter 11 case has approved a settlement under which the debtor's purchasers will pay the U.S. government $1.5 million in a case relating to a Superfund site outside Newark, N.J., in which the government had asked for $946 million.

After a hearing Friday, Judge Morris Stern of the U.S. Bankruptcy Court for the District of New Jersey approved a July motion and expunged the federal government's original claim as part of the broader deal.

The settlement concerns Marcal's alleged...
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