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Case ID: 4495 | Environmental | 10/04/2006
Chemtura Corporation announced October 18, 2005 that it has repealed certain parts of a Global Settlement Agreement in a class action lawsuit pending in the United States District Courts in the Northern District of California and the District of Connecticut. As announced last January, the Company reserved the right to cancel all or part of the Global Settlement Agreement based on the number of members of the applicable classes who exercised their opt out rights. As a result of opt outs in rubber chemicals and EPDM, the Company is currently negotiating settlements directly with the largest claimants in those actions. Chemtura does not intend to adjust the reserves previously established with respect to these lawsuits at this time.
Under the Global Settlement Agreement, Chemtura agreed to pay a total of $97 million, consisting of $62 million with respect to rubber chemicals, $30 million with respect to EPDM and $5 million with respect to nitrile rubber. The nitrile rubber portion of the Global Settlement Agreement has been approved by the United States District Court for the Western District of Pennsylvania. Chemtura cannot predict the outcome of the lawsuit. It will continue to seek cost-effective resolutions of these claims and others pending or hereafter asserted against Chemtura or any of its subsidiaries; however, the resolution of such claims could have a material adverse effect on the Company's financial condition, results of operations and prospects. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Environmental Cases of Interest A class action lawsuit filed in Spokane U.S. District Court blames Columbia Rural Electric Association and Asplundh Tree Experts for the 2005 School Fire.The lawsuit was filed by Keller W. Allen, a former Pasco resident who owns about 1,200 acres in Columbia County.
On June 24, 2005, The U.S. Supreme Court handed a victory to 11,000 small gas station owners in the longstanding class action battle against ExxonMobil Corp.
The case centered on Exxon's August 1982 discount-for-cash program, which promised station owners a price cut for gas to offset a new credit card fee the oil company was charging them. The station owners alleged that Exxon, which later merged with Mobil, eliminated the price discount seven months later, yet for years continued to tell stations that it was providing the discount. A proposed class action settlement between plaintiffs representing business and residential consumers of electricity in Arizona, California, Idaho, Montana, New Mexico, Nevada, Oregon, Utah and Washington and defendants Reliant Energy, Inc. and its affiliates. The lawsuit is pending in the Superior Court of the State of California, County of San Diego. Pullen Seeds and Soils of Sac City, Iowa, filed a federal class action lawsuit against Monsanto, accusing the ag-chem and seed giant of using illegal tactics to keep its dominant share of the glyphosate market.
A class action has been filed against Trex Company, Inc. (NYSE:TWP), certain of its officers and directors by stockholders who purchased the company's common stock between October 25, 2004 and June 22, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. All molds have the potential to cause health problems. A class action has been filed against the city and county of Denver, Colorado, on behalf of all persons who have been exposed to the allegedly poor environmental conditions at Denver International Airport since the facility opened in February 1995, citing violations of state environmental laws. |
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