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LyondellBasell Reaches Environmental Settlement

12:43 PM MDT | March 31, 2010 | Vincent Valk

LyondellBasell reached a settlement with the U.S. government today under which the company will pay $162 million to fund cleanup of environmental liabilities. The agreement settles $5.5 billion in environmental claims against the bankrupt company. About $108.4 million of the settlement money will be paid into a trust to fund the cleanup of nine polluted properties in Michigan, Pennsylvania, California, North Carolina, Illinois, Maryland and Texas. About $53.7 million will go to the U.S. government to fund cleanup of several Superfund sites, in Michigan...

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