Lyondell Asks Court To OK $5.2M Lubrizol Settlement

Law360, New York (June 23, 2009, 12:00 AM EDT) -- Lyondell Chemical Co. has asked a federal bankruptcy court to approve a $5.2 million settlement with Lubrizol Corp. that could end years of litigation over environmental cleanup costs at the Turtle Bayou Superfund site near Liberty, Texas.

Lyondell filed a motion in the U.S. Bankruptcy Court for the Southern District of New York on Monday asking for an order authorizing the settlement, part of which would go to its former parent company, Atlantic Richfield Co.

The agreement, effective June 2, will allow Lyondell and ARCO to...
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