Solutia Looks To Kibosh Shareholder Suit

Law360, New York (August 11, 2006, 12:00 AM EDT) -- Bankrupt chemical products maker Solutia Inc. asked a judge Wednesday to halt a lawsuit brought by its equity committee against its former parent companies, Monsanto Co. and Pharmacia Corp.

According to the motion, filed with the U.S. Bankruptcy Court in Manhattan, the equity committee’s suit would stymie Solutia’s ability to seek the approval of its reorganization plan, which depends on a global settlement Solutia previously negotiated with Monsanto and Pharmacia.

Under that agreement, the three companies divvied up the costs of environmental cleanups and litigation, among...
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