E-Scrap Company to Pay $6 Million Towards CRT Pile Cleanup

SEATTLE (Scrap Monster): The Kuusakoski  has reached an agreement to pay $6 million in settlement of a lawsuit over cleanup of CRT stockpiles at Ohio warehouses. This is the largest settlement reached in the Closed Loop case, the next highest being the $1.2 million agreement by Sony.

The original settlement amount was $8 million, which was then negotiated and reduced by $2 million. Initially, the landlords had calculated the company’s share of the cleanup cost at $8.2 million.

According to court documents, the company is pushing insurance providers to pay the settlement amount, claiming that the insurance provider is liable to defend the company. Meantime, one of them has already filed a complaint in the court, which will be taken up by the court in the coming days. The warehouse landlord and Kuusakoski representative asked the judge to approve the $6 million settlement, but the judge has not yet approved or rejected the proposal.

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The company had shipped nearly 50 million pounds of CRT materials to Closed Loop over the period from 2012 to 2016. According to estimates, the two warehouses had held an estimated 158 million pounds of CRT materials, which were abandoned by Closed Loop Refining and Recovery, when it shut its doors in 2016.