Chemtura To Get Its $9M Securities Settlement Back

Law360, New York (October 8, 2009, 1:25 PM EDT) -- The lead plaintiffs in a putative securities class action brought against bankrupt chemical company Chemtura Corp. in the wake of antitrust allegations have agreed to return the $9.3 million that Chemtura paid to settle the dispute.

Chemtura filed a motion to approve the return agreement on Wednesday with the U.S. Bankruptcy Court for the Southern District of New York, saying the payment was a preferential transfer because it was made within 90 days of Chemtura's bankruptcy filing.

Preferential transfers can be disallowed under the Bankruptcy Code,...
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