Anadarko’s Kerr-McGee Held Liable in Tronox Spinoff

[bananas]

Source: Bloomberg

Anadarko Petroleum Corp. (APC) and its Kerr-McGee unit acted improperly in the 2005 spinoff of Tronox Inc. and may have to pay as much as $14 billion related to environmental cleanup and health claims, a judge ruled.

<snip>

According to the complaint in the lawsuit, Anadarko’s Kerr-McGee unit was part of a two-step transaction that defrauded the Environmental Protection Agency of money to clean the polluted sites. The U.S., as Tronox’s largest creditor, intervened on behalf of the EPA.

The U.S. had sought $25 billion to clean 2,772 polluted sites and compensate about 8,100 tort claimants. A trust set up to pay plaintiffs calls for 88 percent of a judgment to go to trusts for cleanup, according to court papers. The remainder is to go to toxin claimants.

<snip>

Kerr-McGee, founded in 1929 near Oklahoma City, left a toxic legacy that stretches from uranium mines in Navajo territories in the West to wood-treatment plants in Mississippi and Pennsylvania, the EPA said in court papers.

Labor activist Karen Silkwood died in a car accident in 1974 after claiming that Kerr-McGee was contaminating her and others at its nuclear materials plant near Crescent, Oklahoma. That plant, the Cimarron facility, is one of the sites for which the U.S. has been seeking cleanup costs, according to court papers.

<snip>

The lawsuit is Tronox Inc. v. Anadarko Petroleum Corp., 09-ap-01198; the bankruptcy is Tronox Inc., 09-bk-10156, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporters on this story: Steven Church in Wilmington, Delaware, at [e-mail]; Tiffany Kary in New York at [e-mail]; Bradley Olson in Houston at [e-mail]

To contact the editor responsible for this story: Andrew Dunn at [e-mail]

Read more: http://www.bloomberg.com/news/2013-12-12/anadarko-s-kerr-mcgee-held-liable-in-tronox-spinoff.html

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It's disgusting to read about Kerr-McGee's ongoing criminal activities, they should have been put out of business long ago.

And it's disgusting to read "died in a car accident" instead of "murdered by criminals".

[freshwest]

1. OMG. I remember all of this and the OCAW. KerrMcGee should have been closed years ago. But they had

their dirty claws in too many communities. Right up there with Brown & Root, etc..