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Mining company settles for $1.79 billion

After a lengthy four year long legal battle, a mining company has settled hazardous product liability claims with the government for a record $1.79 billion. The hazardous waste pollution occurred across 19 states. The settlement was announced by federal agencies last week.

The settlement was the nation’s largest environmental bankruptcy settlement and will be used to repair the extensive damage from the hazardous product liability mining operations. The deal required the cooperation of a number of federal agencies, including the departments of Justice, Interior, Agriculture, and the Environmental Protection Agency. Officials were uniformly jubilant about the settlement outcome. Taxpayers got more than a dollar back for every dollar that they asked for.

In the months before the mining company’s bankruptcy filing, the company’s costs for asbestos claims and environmental cleanup at abandoned mines and refineries were costing up to $50 million to $100 million per month! The settlement is especially important because it proves that just because a company goes into bankruptcy, it will not be able to avoid legal responsibility. One will still be held liable for actions.

To read more about the mining company settlement.