Texas Brine Co. reaches settlement over sinkhole - KLFY News 10

Texas Brine Co. reaches settlement over sinkhole

Updated:

NEW ORLEANS (AP) - Texas Brine Co. and the property owners who sued over an August 2012 sinkhole in Assumption Parish have reached a $48.1 million settlement to end damage claims and buyout their properties.

The Advocate reports the proposed settlement was filed Tuesday in U.S. District Court in New Orleans and is awaiting a final order from Judge Jay C. Zainey. It comes about a week before the class-action litigation was set to go trial on Monday.

There are about 12 lawsuits still pending in state district court over the sinkhole, including those filed by pipeline companies and Assumption Parish government.

In a statement, Texas Brine officials describe the settlement - contingent on the purchase of the residents' property - as a major milestone in resolving issues associated with the sinkhole.

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