Lyondell MTBE Claimants Object To $450M Settlement Plan

Law360, New York (October 23, 2012, 3:10 PM EDT) -- The Commonwealth of Puerto Rico and three California municipalities on Monday disputed Lyondell Chemical Co.'s bankruptcy distribution plan for its $450 million settlement covering methyl-tertiary butyl ether groundwater contamination, telling a New York court they might not recover damages under the plan.

In September, Lyondell's creditor representative devised a plan to remove Puerto Rico, the Orange County Water District, Crescenta Valley Water District and City of Fresno from the $450 million settlement and give them proceeds earned from litigation. The plaintiffs called the plan discriminatory, saying...
To view the full article, register now.