Asarco Strikes Deal In Suit Over Land Sold In Distress

Law360, New York (January 20, 2009, 12:00 AM EST) -- Bankrupt Asarco LLC said Monday it has reached a settlement for as much as $10.25 million in a fraudulent conveyance lawsuit against Augusta Resource Corp. and other defendants relating to a 2004 real estate transaction made while the mining company was in financial distress.

The proposed settlement, which is not binding until it is approved in the U.S. Bankruptcy Court for the Southern District of Texas, consists of $1.25 million in cash plus millions in payments from the production profits of Augusta Resource over several years....
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