Chemours, Dupont agree to split cost of $670 million C8 settlement offer
- Author: Rogelio Becker Feb 14, 2017,
Feb 14, 2017, 0:21
The DuPont name appears above its trading post on the floor of the New York Stock Exchange.
A news release from Chemours Monday said the agreement "resolves all indemnification obligations between Chemours and DuPont for all of the approximately 3,500 claims in the OH multi-district litigation" adding the settlement "is not in any way an admission of liability or fault by DuPont or Chemours".
The settlement comes on the heels of a decision last month by a federal court jury in OH, which found DuPont liable for $10.5 million in punitive damages in one the first cases to go to trial.
As a condition of its spin-off from DuPont in 2015, Chemours was responsible for all costs related to PFOA, but DuPont waived that condition to share in the cost of settlement. Both DuPont and Chemours Co denied any wrongdoing.
DuPont and Chemours announced Monday they've agreed to settle approximately 3,500 claims involving the toxic Teflon chemical C-8 once made at DuPont's Washington Works plant near Parkersburg for $670.70 million.
C8 is another name for perfluorooctanoate acid, or PFOA. Dupont purchased C8 from 3M from the 1950s through 2000, then manufactured it itself before eventually discontinuing its use.
The science panel funded by DuPont conducted a comprehensive health study on the exposure to PFOA of people in the OH and West Virginia areas where PFOA was manufactured for decades.
The lawsuits, filed in state and federal courts in West Virginia and Ohio, had been consolidated in multi-district litigation in U.S. District Court in Columbus, Ohio.
"No settlement can restore the health of the thousands of victims of DuPont's C-8, but we at Keep Your Promises are heartened to know that this long-awaited justice for these 3,550 members of our community is now within arm's reach", Bock said.
Over the next five years, Chemours will pay $25 million to settle any additional liabilities from PFOA.
The company's press release also said that, to address future C8 liabilities that might arise, DuPont and Chemours have agreed that, for a period of five years, Chemours would annually pay C8 liabilities of up to $25 million on top of the settlement amount. Chemours would pay anything above that.