Solutia Seeks Approval Of $5M Tort Payment

Law360, New York (June 29, 2007, 12:00 AM EDT) -- Bankrupt chemical company Solutia Inc. has asked the court to approve its annual $5 million settlement payment related to the release of polychlorinated biphenyls at one of its facilities in Anniston, Ala.

If Solutia receives court permission, it will be the fourth $5 million payment the company has made since reaching a global settlement agreement with its former parent, Monsanto Co. Under that deal, which occurred right before Solutia filed for bankruptcy protection in December 2003, Monsanto agreed to pick up the tab for $550 million...
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