Solutia stock surges on PCB settlement

posted on:
August 21, 2003

author:
Jay Reeves

category:
Environmental

Birmingham, Ala. (AP) – Shares in Solutia, Inc., more than tripled in value Thursday after the company settled thousands of claims over PCB pollution in Alabama, but it could be months before victims learn how much they receive under the deal. Stock in the St. Louis-based company surged $3.10 to close at $4.00 a share on news of the agreement, which is valued at $675 million by the company and closer to $800 million by lawyers for about 20,000 landowners. Shares in Monsanto Co., which also is involved in the settlement, rose more than 6 percent, or $1.43, to close at $24.12. Lawyers and a judge involved in the deal said the agreement doesn’t include set payment amounts for residents of Anniston, Alabama, who claim their land and bodies were contaminated by decades of chemical of contamination.

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