Environmental Trust Fund Established in GM Bankruptcy to Clean Up 89 Sites, Including Illinois Site

The Department of Justice recently published in the Federal Register a notice concerning a consent decree and settlement agreement to be lodged in the GM bankruptcy case, In re: Motors Liquidation Corp, et al., f/k/a General Motors Corp., et al., Jointly Administered Case No. 09–50026 (REG).  The settlement agreement resolves claims and causes of action of the Environmental Protection Agency under the Comprehensive Environmental Response, Compensation, and Liability Act and the Resource Conservation and Recovery Act with respect to 89 sites, including the GMPT—Danville Landfill Site in Illinois.

Under the terms of the settlement agreement, a environmental response trust will be set up in the amount of $499,434,945 to clean up these 89 sites.  An additional payment of $142 million will be made and certain personalty and title of 88 real properties will be transferred to the environmental response trust to fund administrative expenses.

Stay tuned to the Illinois Environmental Law Blog for more news and developments.