National Settlement Yields Hundreds of Millions for Superfund Sites in New Jersey and New York; Parties Reach Agreement for More than $4 Billion to Pay for Environmental Cleanups, with More than...

Today's post was shared by US EPA News and comes from yosemite.epa.gov

Release Date: 04/03/2014 (New York, N.Y.) A historic settlement announced today with the Kerr-McGee Corporation and certain of its affiliates (“New Kerr-McGee”), and their parent Anadarko Petroleum Corporation today will greatly benefit environmental cleanups at the Welsbach Superfund site in Gloucester City, New Jersey and the GCL Tie and Treating Superfund site in Sidney, New York, and reimburse the federal government for substantial cleanup costs at the Federal Creosote Superfund site in Manville, New Jersey. The United States has entered into the settlement agreement with the companies in a fraudulent conveyance case brought by the United States and co-plaintiff Anadarko Litigation Trust in the bankruptcy of Tronox Inc. The bankruptcy court had previously found, in December 2013, that the historic Kerr-McGee Corporation (“Old Kerr-McGee”) fraudulently conveyed assets to New Kerr-McGee to evade its debts, including its liability for environmental clean-up at contaminated sites around the country. Pursuant to the settlement agreement, the defendants agree to pay $5.15 billion to settle the case, of which approximately $4.4 billion will be paid to fund environmental clean-up and for environmental claims. This is the largest environmental enforcement recovery ever by the Department of Justice. “The Superfund program works best when the polluter pays and today the polluter is paying in a very big way,” said EPA Regional Administrator...

[Click here to see the rest of this post]

Found on