The Associated Press May 25, 2011, 1:36PM ET

Texas company withdraws Crow coal lawsuit

A Texas-based investment group has withdrawn its lawsuit against the Crow Tribe over a stalled proposal to build a coal-to-liquids plant on the southeastern Montana reservation.

In a letter filed in U.S. District Court in Delaware, attorneys for the Australian-American Energy Co. indicated they had reached an agreement with the tribe.

Court documents show the lawsuit came after the tribe threatened to terminate its partnership with the company. The tribe claimed AAEC was not spending to ensure steady progress on developing the $7 billion plant.

The company responded that it had spent more than $10 million, and asked for the matter to be placed into arbitration. Details on Monday's agreement were not disclosed.

BW Mall - Sponsored Links

Buy a link now!