Suit Accuses Chemours Of Duping Investors About Financial Health
March 9, 2021
Lawsuit accuses Chemours directors of misleading shareholders regarding the financial health and legal liability.
A new lawsuit accuses Chemours directors of misleading shareholders regarding the company’s financial health and extent of its legal liability when it was spun off from a predecessor of DuPont de Nemours Inc., according to an article from Insurance Journal. Robert Pinto, a Chemours investor, reportedly said in the suit that the former E.I. DuPont & Co. officials “saddled the ex-unit with more than $2.5 billion liability over environmental harm and health risks from PFAS, which left the firm insolvent at its inception,” when they spun Chemours off in 2015.
According to the article, the directors didn’t acknowledge until May 2019 that the company hadn’t “transformed itself from being on the brink of insolvency” and it had severe liabilities. Chemours reportedly agreed in January to a $4 billion settlement with DuPont and Corteva Inc. to cover liabilities tied to PFAS, a chemical used in making DuPont products such as Teflon.
According to Insurance Journal, a Chemours spokesperson says the suit is “without merit.”
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