Chemtura Corp (fka CHMT)

[Madclown]

90% of Diacetyl Claims Settled for $50 million less amounts covered by insurance.

Here are a few excerpts from the filing:

The Agreement resolves 15 pending lawsuits brought by plaintiffs represented by HFM against the Debtors and Chemtura Canada alleging injuries related to exposure to the chemical diacetyl,1 as well as 347 diacetyl-related proofs of claim filed by the HFM Diacetyl Claimants in response to the Debtors’ comprehensive noticing of the October 30, 2009 bar date.

...As explained below, the Agreement calls for a total payment of $50,000,000, of which a portion is expected to be reimbursed by insurance, in order to resolve liabilities that could be several times greater than the settlement amount.

...In response to the Debtors’ comprehensive noticing of the October 30, 2009 bar date set by this Court, the Debtors have received 373 non-duplicative proofs of claim related to diacetyl (the “Diacetyl Claims”). Of the 373 Diacetyl Claims, 347—constituting over 90 percent of the total number—were filed on behalf of individuals represented by HFM (and together with the diacetyl-related claims that could have been asserted in proofs of claim or lawsuits against the Debtors, the “HFM Diacetyl Claims,” and together with the HFM Diacetyl Lawsuits, the “HFM Diacetyl Claims and Lawsuits”).


http://www.kccllc.net/documents/0911233/0911233100729000000000008.pdf