Asarco granted court OK of $7 million settlement of alleged property damage claims

By Jennifer Lanning Drey

Portland, Ore., July 14 - Asarco LLC obtained court approval of a settlement granting holders of alleged claims related to property damages in Ottawa County, Okla., a $7 million general unsecured claim in the company's Chapter 11 bankruptcy case, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

In exchange, the claimants will release all related claims against Asarco.

Holders of the claims include individuals, cities and school districts that filed a class action lawsuit against Asarco prior to the company's filing for Chapter 11 bankruptcy.

Asarco, a Tucson, Ariz., mining company, filed for bankruptcy on Aug. 9, 2005. Its Chapter 11 case number is 05-21207.

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