This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Nuverra Responds To Texas Jury Verdict Involving Subsidiary Heckmann Water Resources (CVR), Inc.

Stocks in this article: NES

Nuverra Environmental Solutions (NYSE:NES), (“Nuverra” or the “Company”), a leading provider of full-cycle environmental solutions to energy and industrial end-markets, responded to the District Court of Dimmitt County, Texas jury verdict against its operating subsidiary Heckmann Water Resources (CVR), Inc. in a wrongful death case involving a vehicle accident.

The jury awarded $181 million in compensatory damages and $100 million in punitive damages. The accident occurred in May 2012 and involved a Heckmann Water Resources (CVR), Inc. truck and one other vehicle. No citations were issued against the subsidiary or its employees.

"We are disappointed by the actions of this Texas state court jury but remain confident in the judicial system at both the trial court and appellate court levels," said Mark Johnsrud, Chief Executive Officer. "While we are highly sympathetic to the deceased and his family for his unfortunate passing, we believe based on input from our legal advisors and consultants, both trial and appellate, that this recent award exceeds well-established judicial norms and precedent by a staggering margin. The verdict is subject to post-trial motions and has not yet been entered as a judgment. After conferring with our legal advisors, we believe we have meritorious grounds to seek reconsideration of the verdict and to appeal. We intend to file motions to reduce or overturn the award and otherwise to file for reconsideration of the case," Mr. Johnsrud added.

Based on the pre-award analysis of the case, Heckmann Water Resources (CVR), Inc.’s exposure in this matter was not expected to exceed its available insurance limits of $16 million. Although it continues to review the matter, the Company does not anticipate establishing an accounting reserve for the matter at this time.

The Dimmitt County jury verdict is against and limited to the Heckmann Water Resources (CVR), Inc. subsidiary, and any potential liability is limited to this subsidiary. Heckmann Water Resources (CVR), Inc. assets generated approximately 11% of the Company’s adjusted EBITDA for the nine months ended Sept. 30, 2013 and include fleet, real property and disposal wells in the Eagle Ford, Barnett, Permian, Mississippian Lime, Haynesville and Marcellus/Utica shale basins, excluding the Haynesville pipelines and the Marcellus treatment plant.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs