The announcement of Asarco's proposed environmental settlement made local headlines. The Daily Star said it's the largest one in history at $835.7 million with another $275.3 million going to federal and state governments, for a total of $1.1 billion.
But there is as much as $7.9 billion in claims against the company from governments and individuals in asbestos-related claims. The bankruptcy court will approve the final deal - but the question I have is whether the judge will accept the $1.1 billion. Will the claimants be demanding a larger settlement or expect this will be the best they can get?
The Star reports that "The bankruptcy court had previously approved cleanups at sites in Arizona, including $880,000 for the Helvetia mine, a century-old, contaminated mining site southeast of Tucson and $13.5 million to clean up Asarco sites in Hayden and Winkelman northeast of Tucson.