Doe Run Settles Lead Contamination Lawsuit
The Doe Run Company, the largest primary lead producer in the western world, last month won a victory in court against lawyers representing 7 children who allegedly suffered health problems due to lead contamination in St. Francois County, Missouri.a
Associated Press reported that the two parties had resolved the case outside of court, meaning it will not proceed to trial. The terms of the settlement, including the amount of compensation to victims, was not made public, as per a confidentiality agreement.
The decision came just two days after the Missouri legislature over-rode a veto of a bill that limits large punitive damage awards against Doe Run for claims stemming from old lead mining operations, according to AP.
The new law bars punitive damages related to mines that operated prior to 1975, as long as the owners make "good faith efforts" to clean them up. If they don't, punitive damages are capped at $2.5 million.El Dolorado Springs Sun reported that the law protected 1,600 lead mining jobs and was critical for the company, which is based in St. Louis and operates a large mine in St. Francois County. Over in Thailand, the Department of Mineral Resources is set to release a new report assessing the environmental impacts of mining lead in Kanchanaburi province, where an estimated 7.68 million tonnes of lead ore could potentially be extracted, reported Bangkok Post. However, local Thais are nervous about the potential impacts, with fears emanating from the contamination of Klity Creek, where 10,000 tonnes of lead-contaminated sediment were found. Unexplained deaths and birth defects over the last two decade prompted local civil society groups to sue the Pollution Control Department, which was ordered by a court to clean up the area, the Post reported.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV