DuPont vs. Chemours: Who gets stuck with Teflon damages? (Update)
Shares down 15%, 2%
UPDATE: Chemours, the Wilmington chemicals manufacturer spun off by DuPont, says in a statement it should Not be alone in paying the millions juries have demanded for toxic poisoning by DuPont's former Teflon manufacturing operation in Parkersburg, W. Va.
"Today's verdict will be appealed," Chemours said in a statement after yesterday's Freeman verdict (more on that below). In this and five previous cases, "DuPont is the named defendant in each of the cases and is directly liable for any judgment.
"In the event DuPont claims that it is entitled to indemnification from Chemours as to some or all of the judgment, Chemours retains its defenses to such claims" and will accept responsibility only based on "the unique facts present in each case." Which could take "many years" to decide.
WEDNESDAY: Shares of Wilmington-based DuPont spin-off Chemours more than 20%, and the DuPont Co. was off nearly 2%, after a West Virginia jury awarded $5.1 million in compensation to Ohio resident David Freeman, who accused the company of causing his testicular cancer by letting drinking water become polluted with chemical byproducts of its popular anti-stick Teflon material.
DuPont spokesman Dan Turner declined to comment, noting the trial has not finished. The Freeman suit is one in a series of claims, some of which have been settled out of court.
New Jersey and Pennsylvania have been trying to lure Chemours headquarters away from Wilmington; investors speculate the company may be sold.