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Westlaw News

DuPont, Chemours, Corteva agree on $4 bln settlement for 'forever chemical'

DuPont de Nemours Inc and Corteva Inc agreed on Friday to share the cost of potential future liabilities, up to a $2 billion cap, that may arise from lawsuits accusing legacy-DuPont spinoff Chemours Company of contaminating the environment with a toxic chemical.

In a binding memorandum of understanding filed with the Securities and Exchange Commission, DuPont and Corteva agreed to pay half of “certain qualified expenses” and contribute to an escrow account to cover costs from lawsuits against Chemours over alleged pre-2015 pollution with per- and polyfluoroalkyl substances (PFAS). Chemours will pay the other half, also up to $2 billion, for a total deal of $4 billion.

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