"THE ONLY THING NECESSARY FOR THE TRIUMPH OF EVIL IS FOR GOOD MEN TO DO NOTHING"
--Burke

Friday, August 10, 2007

Asarco Creditors File Suit Execs

"Associated Press
Asarco Creditors File Suit Execs
Associated Press 08.09.07, 6:09 PM ET
WASHINGTON -
Creditors of mining company Asarco LLC have sued 13 insiders of parent Grupo Mexico, including its chief executive....

The creditors are seeking at least $100 million in damages plus additional punitive damages. They're accusing the executives of breach of fiduciary duty, corporate waste and unjust enrichment, among other charges.

The lawsuit names 13 officials - 12 Mexicans and one Arizona resident - who led Asarco after its acquisition by Grupo Mexico in 1999 [Asarco burned the illegal toxic waste in El Paso until at least 1998]. The group consists of several top Grupo Mexico officials, including the mining company's chief executive, German Larrea Mota-Velasco, who was also Asarco's chief executive....."
http://www.forbes.com/feeds/ap/2007/08/09/ap4006174.html


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