Chemours, DuPont, Corteva to settle environmental claims with New Jersey

(Reuters) -Chemours, DuPont and Corteva said on Monday they have reached an agreement with the state of New Jersey in various litigation matters including PFAS chemicals and other state directives.

Under the settlement, the companies will pay a total of $875 million over a 25-year period.

Lawsuits accusing major chemical companies of polluting U.S. drinking water with toxic PFAS chemicals led to over $11 billion in settlements in 2023, with experts predicting that new federal regulations and a growing awareness of the breadth of PFAS contamination in the U.S. will spur more litigation and settlements.

Of the total settlement amount for Chemours, DuPont and Corteva, $16.5 million is attributed to alleged PFAS contamination unrelated to the companies' operating sites.

The pre-tax total present value of the settlement payments is about $500 million, of which 50% will be paid by Chemours, 35.5% by DuPont and the rest by Corteva, the companies said.

(Reporting by Sumit Saha and Tanay Dhumal in Bengaluru; Editing by Devika Syamnath)