MIDDLEBURY, Conn. (Jan. 30) — Chemtura Corp. will pay $21 million to resolve federal class action litigation involving alleged price fixing of EPDM, according to the company.
The settlement agreement is subject to court approval, and will be reflected in Chemtura's fourth-quarter 2006 financial statement, a company spokeswoman said. In October 2006, Chemtura settled a rubber chemicals price-fixing class action for $51 million. In November 2006, it announced an agreement to sell its EPDM and rubber chemicals businesses to Lion Chemical Capital L.L.C. for an undisclosed amount. The company said at the time that it expected to complete the sale in the first quarter of 2007, but there has been no update since then, the spokeswoman said.