Eric L. Klein Quoted on Superfund Liability in Asset Acquisitions in Bloomberg BNA

Bloomberg BNA Daily Environment Report

Eric L. Klein, a Principal in Beveridge & Diamond's Washington, DC office, was quoted in a Bloomberg BNA Daily Environment Report article titled "Reducing Toxic Waste Liability Risks in Asset Acquisitions." The article discusses steps that companies acquiring the assets of another can take to reduce the likelihood of facing Superfund liability as the inheritor of hazardous waste contamination. Mr. Klein suggests that companies pay attention to the structure of the transition:

“If you buy the assets of a company and the new business goes on as before with the same officers, managers and board, but with a different name, then it's likely you will have assumed the environmental liability of the company whose assets you purchased. To avoid liability, they should change some of the key markers, including officers, supervisors and location. It also helps if the old company doesn't disappear, and if the transaction involves more than just name and branding changes.”

Read the full article.