SAN FRANCISCO, Sept. 22, 2016 (GLOBE NEWSWIRE) -- Hybrid Coating Technologies Inc. (HCTI:OTC Pink:HCTI) announced today that the US government, represented by Kasowitz, Benson, Torres & Friedman LLP, has launched a $90 billion dollar False Claims Act (FCA) lawsuit against BASF Corporation, Bayer Material Science LLC, Dow Chemical Company and Huntsman International LLC. These companies have been accused of selling billions of dollars worth of harmful isocyanate chemicals but intentionally concealing their dangers to consumers and the U.S. Environmental Protection Agency (EPA) over the past several decades. In the suit, the law firm said that the defendants manufacture and sell isocyanate chemicals such as methylene diphenyl diisocyanate (MDI), polymeric MDI (PMDI) and toluene diisocyanate (TDI). These raw materials make up polyurethane products such as liquid coatings, paints and adhesives; flexible foam used in mattresses and cushions; rigid foam used as insulation; and elastomers used to make automotive interiors.
“This is important news for the company that could significantly change the landscape of the $65 billion a year polyurethane industry,” said Joseph Kristul, president and CEO, “This shows the extent of the pressure that is being put on the polyurethane industry to find alternatives to isocyanates, which are harmful and dangerous to people’s health and the environment. The government is pushing on multiple fronts including education, legislation and now with potentially devastating litigious action. This further reinforces why Hybrid, the only company in the world to produce polyurethane without any isocyanates, has been approached and entered into joint development agreements and joint collaborations with some of the largest companies in the world, to produce non-isocyanate polyurethane products based on Hybrid’s proprietary, patented technology.
