E-Scrap Company Reaches Settlement in Lawsuit over Abandoned CRT Materials

Closed Loop Refining and Recovery, which shuttered in 2016, had left an estimated 316 million pounds of CRT materials at several of its locations in Arizona and Ohio.

SEATTLE (Scrap Monster):  Charlotte, N.C.-based eCycleSecure LLC has reached an agreement in the lawsuit over cleaning up of abandoned CRT materials at Closed Loop warehouses. The company has agreed to pay $903,000 in helping the owners clean up three Columbus warehouse facilities.

This is the largest agreement yet in the Closed Loop case till date. The highest settlement amount until now was $650,000 of UNICOR.

Closed Loop Refining and Recovery, which shuttered in 2016, had left an estimated 316 million pounds of CRT materials at several of its locations in Arizona and Ohio. Following this, the Ohio landlords, Garrison Southfield Park and Olymbec USA had sued over 40 companies who had supplied materials to Closed Loop, seeking help in cleanup of the two Garrison Southfield Park warehouses and one Olymbec USA, the cost of which is estimated at $18.37 million.

ALSO READ: More Companies Reach Settlement in Ohio's Closed Loop CRT Lawsuit

The company had shipped over 7 million pounds of CRT materials to Closed Loop during the period between June 2012 and September 2015. The settlement amount is calculated at the rate of 12.8 cents per pound shipped to these three warehouses. This is lower than the agreed settlement price of $14 per pound by most of the other companies.

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