"A U.S. judge found that Mexican mining company [GMSAB], the world's third biggest copper company by production, commited fraud against U.S. mining company Asarco LLC--the latest twist in a long-running legal battle over control of the U.S. firm. Judge Andrew Hanen in Brownsville, Texas said the Mexican company defrauded the U.S. firm's creditors when, in 2003, it transferred Asarco's stake in its valuable Peruvian copper company to another [GMSAB] unit shortly before Asarco declared bankruptcy. In Saturday's decision, disclosed on Tuesday, the judge said the Mexican company acted 'to structure and accomplish the ... transfer, knowing that the transaction as contemplated would constitute a transfer in fraud of Asarco's creditors. ... For years, critics of the Asarco maneuver have argued that [GMSAB] put its U.S. unit into Chapter 11 to avoid paying Asarco's liabilities, which amount to paying extensive environmental clean-up charges as a result of more than a century of mining and refining across the Western U.S. ... Attorneys for ... Asarco claimed victory and the company's bankruptcy-court appointed directors are asking for damages of $8 billion following the ruling. [GMSAB] issued a statement highlighting the judge's ruling to deny the plaintiffs punitive damages. ... But the court did find [GMSAB] hindered payment to some of Asarco's creditors. That opens the possibility that Juge Hanen could rule Asarco deserves to get its SPCC shares back. [GMSAB] is appealing that part of the ruling", my emphasis, Joel Millman at the WSJ, 3 September 2008.