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.
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