DuPont and Chemours reach agreement on ‘chemicals forever’

Since then, more than 100 post-settlement cases have been filed. The first trial in these cases resulted in a verdict of $ 50 million for a man who developed testicular cancer, and a dismissal of the trial in a consolidated case involving a woman with kidney cancer.

“The agreement will provide a measure of safety and certainty for each company and our respective shareholders by using a transparent process to address and resolve any potential future PFAS issues,” the CEOs of the three companies said in a joint statement.

As part of the cost-sharing arrangement, DuPont and Corteva, on the one hand, and Chemours, on the other hand, agree to a 50-50 split of certain expenses incurred over a period not exceeding 20 years. , for a total of $ 4 billion in eligible expenditures. and escrow contributions.

Under an existing deal from 2019, DuPont and Corteva will each bear 50% of the first $ 300 million. After that, DuPont would be responsible for 71% and Corteva for the remaining 29%. That would bring DuPont’s share of DuPont and Corteva’s potential $ 2 billion contribution to around $ 1.36 billion. Corteva’s share is said to be around $ 640 million.

The companies also agreed to create a maximum escrow account of $ 1 billion to meet potential future PFAS liabilities, with annual contributions over eight years.

After the expiration of the agreement, Chemours’ indemnification obligations under the separation agreement would remain unchanged, subject to certain exceptions. Chemours will waive any legal claims relating to the 2015 spin-off, and the pending arbitration relating to such claims will be dismissed.

Chemours sued DuPont in 2019, alleging that DuPont had deliberately reduced the cost of environmental liabilities that Chemours would face by reimbursing DuPont for PFAS-related pollution.

But a Delaware judge ruled he had no jurisdiction to hear the case because the separation agreement between the companies clearly states that all disputes arising from the split are subject to binding arbitration.

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