BROWNSVILLE, Texas (AP) -- A U.S. mining company accused its Mexican parent company Monday of stripping it of its most valuable assets and forcing it into bankruptcy as it launched its $10.5 billion federal lawsuit against the company.Asarco, which is operating under bankruptcy protection, was left with no way to pay thousands of creditors and a huge environmental bill for mines it owned throughout the U.S.
In his opening statement, G. Irvin Terrell, attorney for Asarco, described parent Grupo Mexico as a greedy company that did all it could to strip Asarco of its "crown jewel," a controlling stake in Southern Peru Copper Corp.
Asarco is suing Americas Mining Co., a subsidiary of Grupo Mexico, for $10.5 billion. Grupo Mexico is owned by one of Mexico's wealthiest families, headed by German Larrea.
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