Chemours sued DuPont; a subsidiary suing its parent company has triggered a series of scandals!

“But for DuPont, there were far too many—indeed, even the mildest recommended solutions,” court documents state. Instead, after installing a $2.3 million system to eliminate one wastewater stream, DuPont decided to shut down that system at the end of 2013. Coincidentally, it was precisely then that DuPont announced its plan to spin off Chemours—a move internally codenamed ‘Project Beta.’ Project Beta focused on DuPont’s specialty chemicals division—the very unit that ‘had caused DuPont to assume numerous environmental liabilities,’ including those related to PFAS such as GenX. The documents state: ‘Since this problem could be so conveniently transferred to Chemours, why spend money solving it?’ That is exactly what happened. This year, Chemours, North Carolina’s Department of Environmental Quality, and Cape Fear River Watch signed a consent order imposing a $12 million penalty on Chemours. The order requires Chemours to ‘employ the same technology previously rejected by DuPont.’ When DuPont established Chemours as a subsidiary in spring 2015, it knew the Fayetteville plant had been discharging PFAS into the Cape Fear River for over 30 years. Yet, in private corporate discussions, DuPont assured Chemours that cleaning up the Fayetteville plant’s environmental contamination would cost no more than $2 million. That figure is now estimated at $200 million—not including potential penalties from class-action lawsuits. Moreover, Chemours must spend hundreds of millions more to remediate several sites in New Jersey. DuPont also ‘shockingly’ underestimated the costs of resolving roughly 3,500 lawsuits—filed by residents near DuPont’s Washington Works plant in Ohio/West Virginia, whose drinking water had been contaminated with PFAS from plant effluent. ‘These are serious cases. Hundreds of plaintiffs have cancer; others suffer from other severe illnesses.’ DuPont engaged Deloitte to analyze potential litigation costs; Deloitte estimated DuPont would win 68% of the cases—and that ‘the remaining cases could be resolved relatively inexpensively’: $128 million, including defense attorneys’ fees. Yet DuPont lost every single case. Within less than two years, juries awarded victims $671 million—more than five times DuPont’s highest-estimated liability. Subsequently, DuPont agreed to share these costs with Chemours. DuPont spun off liabilities from over 80 plants to Chemours—including most facilities Chemours would never operate post-spinoff—and these liabilities included litigation expenses tied to asbestos and benzene exposure. Chemours’ legal filings state that DuPont vastly underestimated costs to comply with a Delaware law requiring a spun-off company to be solvent. Had the true potential liabilities been disclosed, it would have been clear that Chemours was nearly insolvent from inception. Additionally, DuPont appointed three executives to Chemours’ early board of directors—ostensibly to represent Chemours in negotiations. Yet the word ‘negotiation’ is forbidden; instead, court documents label it ‘Orwellian prosperity,’ while DuPont calls it ‘calibrations.’

Chemours released its annual report, which had been delayed twice.

Hello everyone, I’m Xiao Ku @ PlasticLibrary.com—a restless veteran of the chemical industry, dedicated for years to helping structural engineers find suitable engineering plastic solutions. Chemours, the chemical company, finally filed its annual report yesterday—after two delays—but the stock market was unimpressed. According to Seeking Alpha, the stock price fell nearly 11% following the filing. The report shows a smaller loss for Q4 2023 and notes the discovery of ‘material weaknesses’ in the company’s financial reporting. At the end of February, the annual report’s filing was postponed after it emerged that three executives—including CEO Mark Newman—had participated in manipulating supplier payments and other financial activities to meet Chemours’ free cash flow targets. [To learn more about ‘plastics,’ ‘engineering plastics,’ ‘modified plastics,’ and other industry knowledge—including massive material property databases, abundant material selection case studies, and cost-reduction & efficiency-enhancement solutions—visit PlasticLibrary.com!] They stood to benefit from incentives tied to achieving certain financial goals. Newman, Senior Vice President and CFO Jonathan Lock, and Vice President, Treasurer, and Chief Accounting Officer Camela Wise were placed on administrative leave at the end of February.

Chemours Stock Plummets 18% Following Opteon Demand Disclosure Amid Securities Fraud Lawsuit

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Chemours shares fell 18% after allegations surfaced that the company misrepresented Opteon product demand amid U.S. AIM Act transitions. A securities fraud class action lawsuit has been filed against the company in Delaware federal court.

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