Lyondell Unit Settles Akzo's $74M Glidden Claim

Law360, New York (March 18, 2011, 7:29 PM EDT) -- A Lyondell Chemical Co. affiliate asked a New York bankruptcy court Friday to greenlight a settlement that would release it from $73.5 million in environmental and other contractual obligations in a dispute related to the decades-old sale of Glidden Co.

The proposed settlement resolves, at zero dollars, Akzo Nobel Paints LLC's $73.5 million proof of claim in Lyondell affiliate Millennium Holdings LLC's bankruptcy case while requiring Akzo Nobel to pay $3 million for costs Millennium incurred defending against lead product claims, according to the debtor's motion...
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