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 Enters Into Settlement Agreements In Texas Court Case Involving Subsidiary Heckmann Water Resources (CVR), Inc.

Stocks in this article: NES

Nuverra Environmental Solutions, Inc. (NYSE:NES), (“Nuverra” or the “Company”) announced today that it has entered into agreements to fully settle all claims related to a previously disclosed lawsuit filed against its subsidiary Heckmann Water Resources (CVR), Inc. in the District Court of Dimmit County, Texas, arising from a vehicle accident.

Nuverra has agreed to fund $5.5 million of the total settlement amount to fully resolve the matter. The settlements were fully approved by the District Court of Dimmit County on July 15, 2014. Terms of the settlements, including the total settlement amounts and the portion paid by the Company’s insurer, are confidential. These settlement agreements include all plaintiffs and the Company’s insurer and release Nuverra and all of its subsidiaries from all past and future claims or liabilities related to this matter.

The Company will take a charge related to the settlement in the second quarter ended June 30, 2014, which will include the $5.5 million one-time cash payment and related legal fees and defense costs.

The vehicle accident occurred in May 2012 and involved a Heckmann Water Resources (CVR), Inc. truck and one other vehicle. In December 2013, a Dimmit County jury awarded damages against Heckmann Water Resources (CVR), Inc. totaling $181 million in compensatory damages and $100 million in punitive damages, which were subsequently reduced in the judgment by the District Court of Dimmit County, Texas as a result of post-trial motions. The Company initially disclosed the jury verdict in a press release dated December 8, 2013.

About Nuverra Environmental Solutions, Inc.

Nuverra Environmental Solutions is among the largest companies in the United States dedicated to providing comprehensive and full-cycle environmental solutions to customers in energy and industrial end-markets. Nuverra focuses on the delivery, collection, treatment, recycling, and disposal of restricted solids, water, wastewater, used motor oil, spent antifreeze, waste fluids and hydrocarbons. The Company continues to expand its suite of environmentally compliant and sustainable solutions to customers who demand stricter environmental compliance and accountability from their service providers.

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 18,055.99 +2.28 0.01%
S&P 500 2,092.59 +3.82 0.18%
NASDAQ 4,810.4870 +3.6280 0.08%

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