After five long years in court, the bankruptcy of the American Smelting and Refining Company, or ASARCO, has finally been determined. Hailed as one of the earliest and largest multinational corporations and responsible for the employment of hundreds of thousands, ASARCO has a long history of polluting both the environment and the workplace. After racking up billions in environmental damages, the company filed for bankruptcy in 2005.

It is billed as the largest environmental bankruptcy in United States history; 90 communities from 21 states will share a $1.79 billion settlement to cover the costs of environmental monitoring and cleanup and limited compensation to some of its workers. This figure, however, represents less than one percent of the funds originally identified as needed by claimants.

The ASARCO case emerged in the context of a diminished and disabled “Superfund,” as the federal environmental program established to deal with hazardous waste sites is known. The fund was originally created by Congress to hold companies accountable for environmental damage and to ensure that communities are not left with large bills and no means to pay them. But years of corporate pressure on Capitol Hill has depleted Superfund, placing the financial burden of environmental cleanups on taxpayers, rather than on corporations.