Chemtura to pay $51 million to pay rubber chemicals class claims
Middlebury, Connecticut - Chemtura Corp. has resolved the federal class action litigation involving rubber chemicals. Chemtura entered into an agreement with class counsel in the federal rubber chemicals case on Monday (2 Oct., 2006) to pay $51 million to resolve the class claims. This agreement, combined with settlements with other entities, means that Chemtura has now resolved over 90 percent of its exposure for United States rubber chemicals claims.
"This represents another important step in Chemtura's resolution of legacy issues so that we may continue to focus on the future," said Robert Wood, chairman and chief executive officer.
The $51 million settlement, which will be paid in the fourth quarter, is subject to court approval. In anticipation of this settlement, $12.2 million was added to already existing rubber chemicals reserves in the third quarter.
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