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Wednesday
Oct202010

U.S. Reaches $773 Million Settlement with GM on Environmental Liabilities

Photo Courtesy - Getty Images(WASHINGTON) -- The U.S. Department of Justice announced Wednesday that it had reached a $773 million settlement with Chapter 11 debtor Motors Liquidation Company (Old General Motors).  Fourteen states and the Saint Regis Mohawk Tribe have also joined the agreement to settle environmental liabilities and clean up 89 properties and sites owned by Old GM that are contaminated with hazardous waste.

"This settlement holds accountable those responsible for contaminating certain properties and ensures they help transform these communities by supporting the necessary cleanup," said Acting Deputy Attorney General Gary Grindler.

"It also shows how the federal government can work successfully in concert with states and tribes to resolve environmental legacy issues in their communities," Grindler added.

According to the agreement terms, Old GM's payout will total approximately $641.4 million.  The company also must contribute additional non-cash assets (estimated at $120 million in value) for the cleanup and administration of 89 properties and sites.

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