An Environmental Law Institute and Hosting Firm Greenberg Traurig Co-Sponsored Seminar
Cost uncertainty can stand in the way of work party Superfund settlements. Projects with long schedules pose particular problems for both settling defendants and the government. Environmental risk transfer mechanisms can allow construction of a “synthetic cash-out” that makes the estimated cost of settlement lower for the settling defendants and potentially more certain for all parties. One leading example of this is the 2019 settlement for the last remaining work in the long-running litigation over the Fox River Superfund site.
This seminar focused on the risk modeling analysis utilized to quantify the unknown costs of conducting long-term work and how those techniques can be translated into a firm fixed-price-to-closure contracting arrangement that help parties craft a comprehensive settlement. The case study of the Fox River Superfund site will be used to illustrate thirty years of operation and cap, and other maintenance activities on the river, to dive deeper into these concepts and their application. Leading experts will also explore how manuscripted, site-specific pollution liability insurance can be used to manage previously unquantified and unknown regulatory risks, including the risk of future reopeners and natural resource damage claims. Panelists noted the implications of settlement order - first-to-settle, last-to-settle, or in between - for these techniques.
David G. Mandelbaum, Environmental Practice Co-Chair, Greenberg Traurig, Moderator
Kimberly Mann, Senior Vice President of Environmental Practice, Marsh & McLennan Companies
Albert J. Ricciardelli, Principal, GZA GeoEnvironmental
Curtis B. Toll, Shareholder, Greenberg Traurig
ELI members will have access to materials/a recording of this session (usually posted w/in 48 hours). If you are not an ELI member but would like to have access to archived sessions like this one, go HERE to see the many benefits of membership and how to join.
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