Chemtura Announces Settlement of Federal Rubber Chemicals Class Action Litigation.MIDDLEBURY, Conn. -- Chemtura Corporation Chemtura Corporation (NYSE: CEM) is a marketer of specialty chemicals, polymer products and processing equipment for a variety of industries. The company formed in 2005 from the merger of two other corporations -- Great Lakes Chemical Corporation of West Lafayette, Indiana, (NYSE NYSE See: New York Stock Exchange : CEM CEM contagious equine metritis. CEM selective medium chocolate agar made with Eugon agar and 5% horse blood; used to cultivate Taylorella equigenitalis. ) announced that it has resolved the federal class action litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. involving rubber chemicals. Chemtura entered into an agreement with class counsel in the federal rubber chemicals case on October 2, 2006 to pay $51 million to resolve the class claims. This agreement, combined with settlements with other entities, means that Chemtura has now resolved over 90 percent of its exposure for United States rubber chemicals claims. "This represents another important step in Chemtura's resolution of legacy issues so that we may continue to focus on the future," said Robert Wood, chairman and chief executive officer. The $51 million settlement, which will be paid in the fourth quarter, is subject to court approval. In anticipation of this settlement, $12.2 million was added to already existing rubber chemicals reserves in the third quarter. Chemtura Corporation, with pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma 2005 sales of $3.9 billion, is a global manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products. Additional information concerning Chemtura is available at www.chemtura.com. |
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