Lyondell Chemical settles U.S. claims for $250M

Houston-based Lyondell Chemical Co. is seeking court approval to pay about $250 million to settle environmental claims and clean up 15 sites contaminated with hazardous waste.
The fine will settle $5.5 billion in environmental claims by the U.S. and state governments. The settlement will resolve claims stemming mainly from Lyondell’s purchase of Millennium Chemicals in 2004, Reuters said.
Last month Bloomberg reported that the court documents prepared by lawyers for the Environmental Protection Agency said the company has not disputed that it released hazardous substances “that endanger human health, or that it has cleanup orders for the sites under federal law.”

It [Lyondell] has been named by the EPA as a potentially responsible party at sites where suspected carcinogens, including PCBs and trichloroethylene, or TCE, have been detected.

Lyondell will set up two trusts to fund the clean up of sites in seven states.
The Environmental Custodial Trust will receive $170 million to cleanup and restore nine properties. Another $61 million will go to the EPA and the state of California and $80 million will go to the Millennium Custodial Trust to resolve claims of 49 entities that are being eliminated by corporate restructuring associated with the company’s bankruptcy filing, Reuters said.