MIDDLEBURY, Conn. (Oct. 5) — Chemtura Corp. said it has agreed to pay $51 million to settle a federal class action suit involving price-fixing of rubber chemicals.
Including earlier settlements, the company said it now has resolved 90 percent of the claims involving rubber chemicals in the U.S. Chemtura said it will pay the $51 million the fourth quarter, subject to court approval.
The company added $12.2 million to its existing rubber chemical reserves in the third quarter in anticipation of the settlement.
Earlier this year Chemtura agreed to pay $50 million in fines in the U.S. and $7 million in Canada over rubber chemicals price-fixing, and the European Commission levied a $16 million fine in Europe.