WILMINGTON, Del., Feb. 13, 2017 /PRNewswire/ -- DuPont and
plaintiffs' attorneys in the Ohio
multi-district litigation (MDL) have jointly agreed to a settlement
in principle of the MDL involving about 3,550 lawsuits related to
PFOA personal injury claims arising from environmental releases of
PFOA (perfluorooctanoic acid and its salts) from the Washington
Works plant in West Virginia. The
total settlement amount is $670.7 million in cash, half of which will
be paid by Chemours and half paid by DuPont. Both companies denied
any wrongdoing.
This settlement encompasses all claims pending in the MDL,
including those matters for which jury verdicts have been rendered.
DuPont discontinued PFOA operations at that plant more than a
decade ago.
The settlement agreement is subject to receipt of releases or
dismissals, as applicable, from individual plaintiffs, among other
conditions.
To address potential PFOA liabilities that might arise in the
future, Chemours and DuPont have agreed that, for a period of five
years, Chemours would annually pay PFOA liabilities outside the
settlement up to $25 million and,
that if such amount is exceeded, DuPont would pay any excess
liabilities up to the next $25 million, with Chemours annually
paying any further excess liabilities. After the five-year period,
Chemours indemnification obligations under the Separation Agreement
continue unchanged and DuPont has no commitment to fund PFOA costs.
Chemours has also agreed, that upon the settlement becoming
effective, it will not contest its liability to DuPont under the
separation agreement for PFOA costs on the basis of ostensible
defenses Chemours believes are generally applicable to the
indemnification provisions under the Separation Agreement,
including that such costs relate to punitive damages, fines or
penalties or attorneys' fees for the same, but has retained
defenses as to whether any particular PFOA
claim is within the scope of the indemnification provisions of
the Separation Agreement.
DuPont (NYSE: DD) has been bringing world-class science and
engineering to the global marketplace in the form of innovative
products, materials, and services since 1802. The company believes
that by collaborating with customers, governments, NGOs, and
thought leaders we can help find solutions to such global
challenges as providing enough healthy food for people everywhere,
decreasing dependence on fossil fuels, and protecting life and the
environment. For additional information about DuPont and its
commitment to inclusive innovation, please
visit http://www.dupont.com.
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availability of capital and financing and rating agency actions,
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(File No. 333-209869), as last amended, (the "Registration
Statement") in connection with the proposed merger. While the list
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SOURCE DuPont