Corteva, Inc., along with DuPont de Nemours, Inc. and The Chemours Company, reached a settlement agreement with the State of North Carolina to resolve statewide claims related to PFAS contamination. The settlement also covers all claims for Corteva and DuPont related to historical discharges from the Fayetteville Works manufacturing site.
Key Details
- Settlement Amount: The companies will collectively pay $455 million over a 15-year period. Corteva's share of this payment is approximately $66 million.
- Financial Guarantee: Corteva and DuPont are required to guarantee Chemours' portion of the settlement payments. They will also establish a reserve fund of up to $135 million (via line of credit, letter of credit, or surety bond) that North Carolina can access if Chemours fails to comply with its obligations under a 2019 consent order.
- MOU Impact: The settlement payments will be applied against a pre-existing $4 billion cost-sharing Memorandum of Understanding (MOU) among the companies. Due to this settlement and a prior New Jersey settlement, all future contribution obligations to the MOU Escrow Account are now considered satisfied.