ASARCO LLC: Largest Environmental Bankruptcy in U.S. History
We defended this former mining and smelting company in the first evidentiary estimation hearing in connection with the largest environmental bankruptcy case in United States history. The hearing, at the U.S. Bankruptcy Court in the Southern District of Texas, involved a $406 million claim for response costs brought by the United States Environmental Protection Agency and the State of Nebraska.
We were able to mobilize for trial within four months, dealing with the testimony of over 20 experts. The case settled and we successfully defended the settlement. The bankruptcy court found, due to “testimonial and documentary evidence and its independent review” that the settlement agreements were reasonable, fair and equitable, and consistent with CERCLA and bankruptcy law. Shortly after the settlement, ASARCO was acquired by a company in Mexico.