DuPont, Chemours and Corteva settle North Carolina PFAS claims for $455M

DuPont (NYSE: DD), The Chemours Company, and Corteva Inc. have agreed to a settlement with the State of North Carolina and 11 local entities to resolve litigation related to PFAS contamination and other historical discharges from DuPont's Fayetteville Works facility, according to a company statement.

Total settlement payments will reach $455 million over a 15-year period, beginning within 30 days of the execution of the settlement agreement. The net present value of the settlement is approximately $355 million, to be shared among the three companies. DuPont's pre-tax present value share is approximately $126 million, of which 44% will be reimbursed by Qnity Electronics. DuPont said its portion is materially covered by existing accruals.

The settlement covers litigation tied to PFAS and other historical discharges from Fayetteville Works, as well as the state's claims of PFAS contamination unrelated to that site, including from the use of aqueous film forming foam (AFFF). Of the total settlement amount, $18 million is attributed to alleged PFAS contamination unrelated to Fayetteville Works, with no more than $14.4 million ascribed to AFFF.

The 11 local entities included in the settlement are Bladen County, Brunswick County, Columbus County, Cumberland County, New Hanover County, Robeson County, Sampson County, the Town of Wrightsville Beach, the City of Lumberton, the Village of Bald Head Island, and the Lower Cape Fear Water and Sewer Authority. These entities were excluded from a U.S. Public Water System Class Settlement approved in 2024.

The three companies also reached understandings related to their 2021 Memorandum of Understanding, including valuation terms for the settlement and the satisfaction of future escrow contribution obligations through the settlement payments.

The settlement remains subject to entry of dismissals of the covered litigations.

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