Lyondell Ch. 11 Trust Settles Lead Claims For $8.7M

Law360, New York (February 4, 2011, 2:28 PM EST) -- A trust from Lyondell Chemical Co.'s Chapter 11 bankruptcy has agreed to pay $8.7 million to several local municipalities in California to settle lead paint-related claims, hoping to use insurance coverage that, in some cases, it could legally contest.

The Millennium Custodial Trust sought approval of the agreement with the cities and counties, which it said would resolve billions of dollars in claims, in a motion filed Thursday in U.S. Bankruptcy Court for the Southern District of New York.

“The resolution of the disputed claims benefits...
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