Read the full article by Mike Leonard (Bloomberg Law)
“Chemours Co.’s board and senior management were sued by a pension fund in Delaware Chancery Court on Wednesday over billions in potential environmental liabilities related to PFAS, a class of ‘forever chemicals,’ that the company took on when it spun off from DuPont.
The derivative lawsuit accuses the company’s leaders of breaching their duties to investors in connection with the 2015 spinoff, which allegedly put Chemours on the hook for litigation and environmental cleanup costs, potentially exceeding $2.5 billion, related to the cancer-linked group of chemicals once used in firefighting foam and nonstick cookware.
DuPont and Chemours agreed in 2017 to split a $671 million settlement related to about 3,550 health claims, but they’re still at odds over many others.
The full extent of Chemours’ potential obligations didn’t emerge until mid-2019, when it sued DuPont over them. That case—which was sent to arbitration in a ruling later appealed to Delaware’s top court—now appears close to settling…”