Law360, New York (September 17, 2010, 6:43 PM ET) -- A judge has approved a settlement agreement between bankrupt Chemtura Corp. and the United Steelworkers union, paving the way for the chemical maker to save about $19 million by slashing benefit obligations to union retirees.
In an order issued Friday in the U.S. Bankruptcy Court for the Southern District of New York, Judge Robert Gerber authorized the settlement between Chemtura and the union, ruling the agreement was in the best interests of all parties.
The settlement will take effect immediately, and Chemtura will pay about $200,000...
Chemtura Settles Union, Environmental Claims
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