Major judgment against Asarco parent vacated by appeals court

By Caroline Salls

Pittsburgh, March 17 - The U.S. Court of Appeals for the Fifth Circuit has vacated a multi-billion dollar judgment against Asarco LLC parent Americas Mining Corp. in a lawsuit related to a 2003 transfer of Southern Copper Co. stock to Americas Mining from Asarco, according to a release from Mayer Brown LLP.

Mayer Brown said Americas Mining had asked the court of appeals to vacate the adverse judgment because Asarco has emerged from bankruptcy under a reorganization plan that released the parent company from the judgment and returned control of Asarco to it.

An Americas Mining appeal of the judgment has also been dismissed.

Asarco, a Tucson, Ariz., mining company, emerged from bankruptcy on Dec. 9.

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