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Alcoa Inc And Aluminium Bahrain B.S.C. Resolve Civil Litigation


Tuesday, 9 Oct 2012 11:35am EDT 

Alcoa Inc announced that it has entered into a settlement agreement with Aluminium Bahrain B.S.C. (Alba) resolving a civil lawsuit that had been pending in the U.S. District Court for the Western District of Pennsylvania since 2008. Without admitting any liability, Alcoa agreed to make a cash payment to Alba of $85 million payable in two installments. One half was made at settlement and the other half will be made one year later. The settlement amount is within the range Alcoa previously estimated as its reasonably possible losses, which it disclosed in its second quarter 2012 earnings announcement. Alcoa said the settlement with Alba represents the best possible outcome and avoids the time and expense of complex litigation. 

Company Quote

16.5
0.07 +0.43%
20 Aug 2014