Monday, November 5, 2007

Asarco's Suit Could Help Pay off Creditors from Other Suits

Judge lets Asarco sue Mexican owners , Seattle Times, Nov. 5, 2007.

A federal judge has refused to throw out a lawsuit filed by Asarco against its Mexican owners in a ruling that eventually could help the bankrupt U.S. mining and smelting company recover billions of dollars to help pay off environmental and asbestos-related claims, including hundreds of millions in claims from Washington state.

The lawsuit alleges Americas Mining, a subsidiary of Grupo Mexico, S.A. de C.V., "fraudulently" stripped Asarco LLC of its lucrative holding in two Peruvian copper mines just as Asarco was teetering on the edge of bankruptcy.
The case is in the Southern District of Texas, Judge Andrew S. Hanen.

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