Kerr-McGee, E&Y Paying $37M To End Tronox Securities MDL

Law360, New York (August 6, 2012, 1:10 PM EDT) -- Kerr-McGee Corp. and its former auditor Ernst & Young LLP have agreed to pay $37 million to settle multidistrict litigation alleging they hid bankrupt Tronox Inc.'s massive environmental liabilities before taking the chemical maker public in 2005, according to a Friday court filing.

Tronox shareholders asked a New York federal judge to grant preliminary approval for the deal, which would require a $2 million payment by Ernst & Young and a $35 million payment by Kerr-McGee, its parent company Anadarko Petroleum Corp. and several former executives...
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