Asarco, Plaintiffs Settle Tacoma Class Action Suit.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y.--(BUSINESS WIRE)--Feb. 1, 1995--Michael O. Varner, vice president for environmental operations of ASARCO ASARCO American Smelting and Refining Company Incorporated, and Thomas W. Burt and David D. Hoff of the Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. law firm of Riddell, Williams, Bullitt & Walkinshaw, jointly announced today the settlement of a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax pending in U.S. District Court in Seattle involving past operations of Asarco's Tacoma, Washington smelter. The smelter was closed in 1985 and Asarco is performing soil sampling and remediation of properties in the vicinity of the smelter pursuant to an EPA-Superfund Order. The class action lawsuit was commenced in 1993 on behalf of thousands of owners and renters, as well as a medical monitoring class of more than 20,000 individuals residing within two miles of the smelter property. Under the settlement, which is subject to Court approval, Asarco will establish a Medical Monitoring Fund and a Property Value Assurance Fund to protect the class residents, through the year 2005, against any adverse health effects or diminution Taking away; reduction; lessening; incompleteness. The term diminution is used in law to signify that a record submitted by an inferior court to a superior court for review is not complete or not fully certified. in property values arising from past smelter operations. The stated settlement amount is $67.5 million. Asarco will pay the class in cash $5 million for Court supervised distribution to class members, as well as initial funding aggregating $2 million to the two Funds. In the future, Asarco will replenish re·plen·ish v. re·plen·ished, re·plen·ish·ing, re·plen·ish·es v.tr. 1. To fill or make complete again; add a new stock or supply to: replenish the larder. 2. the two Funds if needed. In addition, Asarco will pay class counsel's attorneys' fees as approved by the court. The balance of the settlement, $5 million of which is guaranteed to be paid by Asarco, will be payable from insurance proceeds that Asarco is currently pursuing in connection with the class action, with the class to receive 75 percent of Asarco's total recoveries from insurers. The agreement will not affect Asarco's earnings as reserves previously provided are sufficient to cover the estimated cost of the settlement to Asarco. Asarco's Mike Varner, commenting on the settlement, said, "With the class action lawsuit resolved, the Company can now devote its full attention to working with the community, the City of Tacoma, the Town of Ruston and the EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. in going forward with the remediation programs which all parties agree are protective of public health and which will enhance community values." Tom Burt, class counsel, of the law firm Riddell, Williams, Bullitt & Walkinshaw, said "We are extremely pleased we have obtained this result for the class plaintiffs. The settlement provides long-term protection of property values and an excellent long-term medical monitoring program. Both programs will have as much funding from Asarco as is needed and will be well-publicized. We anticipate that a portion of the settlement funds will also be used to establish a free program for testing arsenic and lead levels in residential soil for those class members who cannot now obtain such testing. In addition to these valuable new programs, there should also be substantial cash distributions to class members." ASARCO Incorporated, headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , is one of the world's leading integrated producers of nonferrous metals, principally copper, lead, zinc and silver. Asarco also produces specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. , minerals and other industrial products and provides environmental services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, . Asarco had 1994 sales of $2.0 billion. Riddell, Williams, Bullitt & Walkinshaw is a 75 lawyer, full-service firm in Seattle, Washington. CONTACT: ASARCO Incorporated Jerry Cooper, 212/510-1810 |
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