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Metal Recycler Veridium Settles with DEP for Alleged Violations

From 1999 to 2005, DEP inspections uncovered seven violations by Veridium.Veridium (Nasdaq OTC: VRDM), a metal recycling facility in Paterson, has struck a $250,000 settlement with the New Jersey Department of Environmental Protection (DEP). The company faced DEP action on a series of violations stemming from its “repeated failure to properly store hazardous waste and strictly adhere to air-pollution regulations,” according to Lisa P. Jackson, acting commissioner at DEP.

From 1999 to 2005, DEP inspections uncovered seven violations by Veridium, including improper storage of 29,000 pounds of cyanide, acids, bases and other hazardous wastes capable of sparking explosions. The company also allegedly failed to familiarize police, fire and emergency-response teams with the facility’s layout and the kinds of hazardous waste it regularly handles

Veridium is to remit payments on the settlement through December 2010. Last month, it ceased all operations at the Paterson site. Shares of the company gained $0.001 to $0.033 in late morning trading.

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