CERCLA's New Safe Harbors for Banks, Lenders, and Fiduciaries
Buried deep within the several thousand page Omnibus Consolidated Appropriations Act signed by President Clinton in the waning days of the 104th Congress are the first significant amendments in a decade to the much-debated Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA or Superfund). CERCLA is the federal law that creates a broad class of parties potentially liable for expenses incurred in cleaning up sites contaminated with hazardous substances.