"Et tu Brutus! Lenders Liability for Environmental Damages"
"The Accountant" - Journal of the Institute of Certified Public Accountants in Israel
Tzvi Levinson & Tal Tzafrir, Advocates
The high cost of remediation of environmental damages often brings the Legislator to broaden the circle of liability for these damages and dip his hand into "pockets" that are traditionally considered to be too far, in order to gain the funds necesary for the actions of cleaning and restoring. The American experience shows that among such "pockets" may also be found lenders who hold a charge over land when that land was contaminated. The article describes landmarks in the evolvement of lender's liability for environmental damages under the CERCLA and traces the extent of exemptions that were recognised.