Cases / Liability shifting (spin-offs, bankruptcy, closure bonds) · United States · 2009
ASARCO bankruptcy environmental settlement and Grupo México's return in 2009
Short record: the main facts, with sources. A full case file has not been prepared.
Nature's voice · report
No measurement of the harm done to me here is on record.
Did nature suffer? Not measured.
Not on record
- The record does not name which of my species, waters, soils or forests were harmed.
ASARCO left bankruptcy in 2009 with a $1.79 billion environmental settlement covering more than 80 sites in 19 states. Grupo México regained the company in the same year.
What?
ASARCO left bankruptcy in 2009 after environmental payments of $1.79 billion across more than 80 sites in 19 states; Grupo México then regained the company. NBC News
Where?
United States: more than 80 sites in 19 states, including Coeur d'Alene NBC News
When?
December 2009 NBC News
Who?
Gained
- Grupo México — Regained ASARCO from bankruptcy in 2009 NBC News
Lost
None on recordHarmed
None on recordWhy?
Not stated in the sources reviewed.
How?
Environmental claims were resolved as part of ASARCO's bankruptcy exit. NBC News
6 of 6 questions answered from the record
What happened
The record, in order.
NBC News reported on 10 December 2009 that ASARCO's exit from bankruptcy included $1.79 billion in environmental payments for more than 80 sites in 19 states, including $776 million in federal claims and $436 million for Coeur d'Alene.
NBC News reported that Grupo México regained ASARCO from bankruptcy in 2009.
In court and with insurers
Every proceeding and every insurer decision on record.
Lawsuits and rulings
No court case on record. No court has ruled on this case.
Insurers
No insurer decision on record.
What we don't know
Undisclosed, unproven, untried: recorded as data.
Nature
- Not measured Harm to nature: The record holds no measurement of harm to nature.
Record
- Insufficient Reported but not verified: a Texas ruling (2008–2009) treated the 2003 removal of Southern Peru Copper shares from ASARCO as a fraudulent transfer, and required return of about 260 million shares and $1.35 to $1.38 billion in cash.
- None on record The sources reviewed do not say whether Grupo México paid any part of the $1.79 billion.
- None on record The sources reviewed do not say how the $1.79 billion was divided among the sites beyond the federal and Coeur d'Alene amounts.
Did the harm stop?
Not stated in the sources reviewed.
Who paid?
Not stated in the sources reviewed.
Sources
Voices on record: — Company or project— Government and regulators— Courts✓ Press and investigations— Communities and civil society— Researchers
Press and investigations
- NBC News report on ASARCO environmental settlementNBC News · 2009-12-10
Connected cases
Related matters, and cases linked to this one through the same organisations, with the role each played in both.
- Insurers sue Asarco in New Jersey over cover for environmental liabilities United States · 1993–1997
- Asarco (Company) — here: Company whose bankruptcy exit included environmental payments; there: defendant in insurers' declaratory action
- Río Sonora copper sulphate spill and repair fund Mexico · 2014–2026
- Grupo México (Company) — here: Regained ASARCO from bankruptcy in 2009; there: Mining group; operator of the Buenavista del Cobre mine and fund contributor