LAWSUITS NEWS & LEGAL INFORMATION
Water Contamination
Conshohocken, PA: (Oct-23-07) The Orange County Water District (OCWD) brought charges against AC Products, Inc. (ACP), a subsidiary of Quaker Chemical Corp., a leading global provider of process chemicals, chemical specialties, services, and technical expertise to a wide range of industries, over environmental litigation that stemmed from water contamination in late 2004. Records show that OCWD sued ACP and other unrelated parties seeking damages arising from the water contamination.
As part of a settlement agreement reached by the parties, Quaker stated that it will pay $2 million to resolve litigation. The company said that in the third quarter, it will take a charge of $3.3 million to cover the $2 million payment, plus it will increase its reserve for its soil and water remediation program by $1.3 million, bringing the total reserved to $2.75 million. Sources claimed that this settlement removes significant uncertainty and financial exposure for the company and recognizes the remediation work they've been doing voluntarily over the past 12 years at considerable cost to the company. [CNN NEWS: WATER CONTAMINATION]
Published on Oct-24-07
As part of a settlement agreement reached by the parties, Quaker stated that it will pay $2 million to resolve litigation. The company said that in the third quarter, it will take a charge of $3.3 million to cover the $2 million payment, plus it will increase its reserve for its soil and water remediation program by $1.3 million, bringing the total reserved to $2.75 million. Sources claimed that this settlement removes significant uncertainty and financial exposure for the company and recognizes the remediation work they've been doing voluntarily over the past 12 years at considerable cost to the company. [
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