Chemtura's Prebankruptcy Settlement Approved

Law360, New York (August 14, 2009, 3:49 PM EDT) -- A bankruptcy court has authorized Chemtura Corp. to finalize a settlement of a shareholder derivative lawsuit against the company negotiated before the chemical firm filed for Chapter 11 earlier this year.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York issued an order Thursday allowing Chemtura to complete the settlement, putting to rest a derivative Connecticut state court lawsuit and allowing Chemtura's insurer, American International Group Inc., to pay $1.3 million directly to the plaintiff's attorneys.

Chemtura, two of...
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