"DuPont and Chemours Co have agreed to pay $671 million in cash to settle thousands of lawsuits involving a leak of a toxic chemical used to make Teflon, the companies said on Monday.
Shares of Chemours jumped 13 percent. The company said it would pay half of the settlement, although liability for litigation connected with the chemical was passed onto it when DuPont spun it off in 2015.
In addition, Jefferies analyst Alexander Laurence said the liability was $300 million below Wall Street estimates, and DuPont shares rose 1 percent."
Arathy S Nair reports for Reuters February 13, 2017.
Source: Reuters, 02/14/2017
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