LAWSUITS NEWS & LEGAL INFORMATION
Gerald Metals
This is a settlement for the Commercial lawsuit.
Dallas, TX: (Jul-05-07) Asarco LLC, a copper producer, filed a lawsuit against Gerald Metals, a metals trading company, in 2006 over a contracts dispute between the two companies. The suit charged breach of contract and fraud. In its complaint, Asarco claimed Gerald Metals owed it $7.1 million from various agreements. The bulk of that money, more than $5 million, stems from a deal in which Gerald Metals agreed to acquire copper reverts from Asarco every month between April 2004 and the end of that year.
In a settlement reached, Gerald Metals agreed to pay Asarco LLC $5.5 million to settle the breach of contract lawsuit. Asarco asked the US Bankruptcy Court in Corpus Christi, Texas, to approve the settlement agreement, in which Gerald Metals will get a $12.3 million unsecured claim against Asarco. Tucson, Ariz.-based Asarco, which has been in Chapter 11 bankruptcy proceedings since August 2005, called the deal reasonable, fair and equitable. The settlement was entered into as Asarco felt that pursuing the lawsuit against Gerald Metals would have been expensive because of its complexity. [DALLAS MORNING NEWS: METAL CONTRACT]
Published on Jul-9-07
In a settlement reached, Gerald Metals agreed to pay Asarco LLC $5.5 million to settle the breach of contract lawsuit. Asarco asked the US Bankruptcy Court in Corpus Christi, Texas, to approve the settlement agreement, in which Gerald Metals will get a $12.3 million unsecured claim against Asarco. Tucson, Ariz.-based Asarco, which has been in Chapter 11 bankruptcy proceedings since August 2005, called the deal reasonable, fair and equitable. The settlement was entered into as Asarco felt that pursuing the lawsuit against Gerald Metals would have been expensive because of its complexity. [DALLAS MORNING NEWS: METAL CONTRACT]
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