Financial Institution Takes a Hit

Financial Institution Takes a Hit

Source: Great American Environmental Division, May 2013

Recently, a large Financial Institution (FI) was forced to pay the USEPA $80,000 in past response costs. These costs were incurred by the USEPA to remove hazardous waste drums at the facility of a defunct borrower. The FI conducted an auction of equipment and inventory, but left behind plating vats, tanks and associated piping full of hazardous wastes and corrosive materials, as well as wastes and chemicals associated with the wastewater treatment plant. The FI also failed to maintain the facility. This resulted in a waterline break that prompted a response by the county environmental agency. The county called in USEPA because of the presence of thousands of gallons of liquid hazardous wastes. The USEPA conducted a removal action and alleged that releases of hazardous substances had occurred due to improper management and storage of hazardous substances during the time the FI controlled the property. As a result, the USEPA deemed the FI to he responsible for the costs.

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