DuPont, Chemours to pay up to $900M+ in Teflon cancer deal

Bloomberg News  Landov

Bloomberg News Landov

DuPont has settled a case involving about 3,550 lawsuits alleging personal injuries from chemical releases from the Washington Works plant in West Virginia.

Titanium dioxide maker Chemours Co, which was spun off from DuPont, said it will pay half of the settlement. Both companies didn't admit liability or fault.

"This agreement provides a sound resolution for area residents, Chemours, and the public", said David C. Shelton, general counsel, Chemours.

The cases are pending in U.S. District Court in Columbus, Ohio, where in the latest of three trials so far a federal jury ordered DuPont to pay $2 million in compensation and $10.5 million in punitive damages to a Washington County, Ohio, man who contracted testicular cancer after being exposed to the company's C8 pollution.

DuPont will split the costs of settling thousands of lawsuits with Chemours, the company that split out of DuPont in 2015.

DuPont is in the midst of closing its $62 billion merger with Dow Chemical, which has been approved by shareholders of both companies.

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. If the whole $250 million is paid out, the settlement will average around $259,000 per claim, including lawyer fees. DuPont will cover any excess liabilities up to the next $25 million.

In addition, DuPont and Chemours have agreed to address any potential PFOA liabilities that might arise in the future. After the five-year period, Chemours' indemnification obligation under its spin-off agreement with DuPont will continue unchanged and DuPont has no commitment to fund future PFOA costs. "It settles all indemnification obligations between Chemours and DuPont for all of the approximately 3,500 claims" the companies faced, "and allows us to move forward".

Keep Your Promises DuPont advisor Harold Bock said DuPont's settlement is an enormous step in the right direction and that the group is "cautiously optimistic" about the settlement.

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