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New Jersey Agrees To Partial River Pollution Settlement With YPF SA, Others-DJ

Wednesday, 12 Jun 2013 10:55am EDT 

Dow Jones reported that YPF SA has reached a deal with the state of New Jersey that might allow the Company to avoid billions of dollars in potential liabilities related to the contamination of the Passaic River. According to the state of New Jersey, YPF and a handful of other companies agreed to pay the state $130 million to settle some claims alleging they are legally responsible for dumping dioxin, a toxic chemical and suspected carcinogen, into the river in the 1950s and 1960s. Under the terms of the deal, which will have to be approved by a state court, YPF agreed to pay $65 million in cash to New Jersey, the Company said in a filing with the U.S. Securities and Exchange Commission. YPF would also see its potential liability in the case limited to $400 million. YPF itself didn't pollute the river. But a New Jersey state court ruled two of YPF's subsidiaries, Maxus Energy Corp. and Tierra Solutions, were responsible for the pollution. YPF bought Maxus Energy Corp. in 1995. 

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