Chemtura Settles Rubber-Chemicals Suit

Chemtura announced Thursday it has resolved the federal class action litigation involving rubber chemicals.

Chemtura Corp. said Wednesday it has resolved federal class-action litigation involving rubber chemicals, agreeing to pay $51 million.

The company previously pleaded guilty in a federal case and has been fined by European regulators for its roll in increasing prices of chemicals to manufacture rubber between 1995 and 2001. Chemtura has now resolved over 90 percent of its exposure for United States rubber chemicals claims.

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 is a global manufacturer of specialty chemicals, crop protection and pool, spa and home care products.