Chemours, DuPont, Corteva agree to $1.185B PFAS drinking water settlement

Chemours Co

Total settlement fund $1.185B; Chemours contributes ~$592M (50%), DuPont ~$400M, Corteva ~$193M.
Settlement covers PFAS drinking water claims of U.S. public water systems serving ~88% of population; excludes government-owned and small systems without PFAS detection.
Chemours to record $592M pre-tax charge in Q2 2023; settlement subject to court approval and opt-out thresholds.
MOU entered June 1, 2023; definitive agreement expected within Q2 2023; funding within 10 days of preliminary approval.
Companies deny liability and reserve defenses; settlement does not resolve personal injury, NRD, or certain wastewater claims.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Chemours Co entered into MOU with DuPont de Nemours, Inc., Corteva Inc., and EIDP, Inc. valued at $1.185 billion (effective 2023-06-01).

Action: entry
Agreement: settlement
Counterparty: DuPont de Nemours, Inc., Corteva Inc., and EIDP, Inc.
Value: $1.185 billion
Effective: 2023-06-01

Exact text from the filing

On June 1, 2023, The Chemours Company (“Chemours”), The Chemours Company FC, LLC (“Chemours FC”), DuPont de Nemours, Inc. (“DuPont”), Corteva Inc. (“Corteva”) and E. I. du Pont de Nemours and Company n/k/a EIDP, Inc. (“E. I. du Pont” and, collectively with Chemours, Chemours FC, DuPont and Corteva, the “Companies”) entered into a binding agreement in principle (the “MOU”) to comprehensively resolve all drinking water claims related to per- and polyfluoroalkyl substances (as further clarified below, “PFAS”) of a defined class of U.S. public water systems that serve the vast majority of the United States population.

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Source: SEC EDGAR

accession 0000950170-23-025888

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