In re Solitron Devices, Inc., 510 B.R. 890 (Bankr. S.D. Fla. 2014) –
A Chapter 11 debtor moved to reopen its bankruptcy case more than 15 years after it was closed in order to enforce the plan confirmation order to prevent claims by a state environmental agency and other potentially responsible parties for clean-up costs at a landfill.
On July 23, in ASARCO LLC v. Union Pacific Railroad Company, et al. No. 13-1435 (10th Cir.), the Tenth Circuit rejected the notion that settlement requirements are different in the bankruptcy context. Section 113 of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), 42 U.S.C.
After five years of litigation, on 3 April 2014, the US Department of Justice entered into a settlement agreement with Kerr-McGee Corporation and its parent company, Anadarko Petroleum (“Kerr-McGee”). This agreement requires Kerr-McGee to pay $5.15 billion in order to compensate for its environmental and tort liabilities of the past 85 years.
This agreement came after the 12 December 2013 judgment of the US Bankruptcy Court for the Southern District of New York in Tronox Inc., et al., v. Kerr-McGee Corp., et al. (In re Tronox Inc.), 503 B.R. 239 (Bankr. S.D.N.Y. 2013).
Earlier today, April 3, 2014, the U.S. Department of Justice announced its largest ever environmental enforcement recovery case involving a $5.15 billion settlement, $4.4 billion of which will go to environmental cleanup and claims.
Energy production in the United States is at an all-time high. In 2013, an average of 7.5 million barrels of oil were pumped every day, which bested the previous production record (2012) by one million barrels. Domestic oil production has increased every year from 2011 to 2013. By comparison, between 1971 and 2011, oil production in the United States decreased 29 of the 40 years. Regardless of whether this level of domestic production can be sustained for the long term, elevated domestic oil production is a reality for the near future.
11/13/13: “Goal for CFPB chief: Calming conflict on car loans”
As you know, the last two years have seen a somewhat improved, but by no means robust, business climate. At the same time, structural shifts in the law firm business model have been both highly publicized and memorably demonstrated.
The intricacies of pursuing environmental claims against financially distressed parties
In a prolonged financial downturn, it is an even more difficult burden for many companies to shoulder their own environmental remediation requirements.Pollock’s article examines the steps to consider if a co-liable potentially responsible party (PRP) is either showing signs of economic distress or has already filed in bankruptcy.
A settlement has been announced in the Tronox Securities Litigation,[1] making it one of the first cases where the failure to publicly disclose environmental liabilities has resulted in a substantial settlement.
A federal court in West Virginia has ruled that the U.S. government may proceed with a Clean Air Act (CAA) and Resource Conservation and Recovery Act (RCRA) enforcement action, even though defendant and its subsidiaries have filed for bankruptcy. United States v. RG Steel Wheeling, LLC, No. 12-19 (N.D. W. Va. 7/9/12).