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.
Panelists:
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
Materials:
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.
LOCATION
- Our offices are at Three Logan Square, 1717 Arch Street, Suite 400.
- You may enter the building from the Arch Street side until 7 p.m.
- You may also use the Plaza Entrance, 1718 Cherry Street, which also is the after-hours entrance.
- Upon arrival, alert the security team that you’re attending an event at our office, and they will assist you from there, directing you to the correct elevator bank.
- You will come to the fourth floor, make a quick right, and at reception, you will be directed to the event location.
PARKING
- For GPS purposes, input 1718 Cherry Street for your location.
- The garage entrance is on the left-hand side of the street, just past the Mace’s Crossing pub.
- Follow signs to the lower parking levels – Middle or Lower Level.
- Take the elevator to the lobby and follow the above entrance instructions.
OTHER TRANSPORTATION
- We also are conveniently located near several SEPTA routes, including the regional rail.
- Cab and ride-share users should direct drivers to the Plaza Entrance, 1718 Cherry Street.