Mexico City-based Grupo Mexico SAB says it will appeal a ruling by a federal judge in Texas ordering the mining conglomerate to pay more than $6 billion in damages to its bankrupt subsidiary Asarco LLC.
The company said it decided Friday to appeal this week’s order from U.S. District Judge Andrew Hanen after company lawyers analyzed it.
Hanen previously found that Americas was liable for a fraudulent transfer in March 2003 of Southern Peru Holdings LLC stock from Asarco. He ordered return of 54 percent of the Southern Peru stock and damages worth about another $1 billion.
Grupo Mexico called the findings contradictory.
Hanen gave Asarco and Grupo Mexico until April 10 to draw up a settlement judgment, which he intends to sign five days later.