Solstice Advanced Materials and Plaintiffs Agree in Principle to Settle Metropolis Works Litigation
Solstice Advanced Materials announced it has reached an agreement in principle with plaintiffs to settle longstanding litigation concerning its Metropolis Works uranium conversion facility. The settlement includes significant community investments.
Morris Plains, N.J. – Solstice Advanced Materials (NASDAQ: SOLS) has reached an agreement in principle with plaintiffs representing individual and putative class members, as well as the City of Metropolis, Ill., and Massac County, Ill., to resolve a long-running litigation concerning the operations of its Metropolis Works uranium conversion plant.
The settlement includes a significant commitment to investments in programs designed to improve the lives of Metropolis residents. These programs will be developed in partnership with key community stakeholders and the plaintiffs. The agreement in principle is subject to formalization into a definitive written agreement, court approval, and consent from various governmental entities and other stakeholders.
Solstice Advanced Materials stated that it denies the allegations and admits no liability or wrongdoing. However, the company determined that resolving the matter now is in the best interest of its shareholders and stakeholders, avoiding the expense, uncertainty, and distraction of prolonged litigation dating back to 2018. The company does not expect the settlement to materially impact its business operations or financial performance.
Plaintiffs' counsel characterized the agreement as a "historic settlement" that will benefit Metropolis, including significant investment in local public health measures. The class action component of the settlement will require court review and approval, which is expected to take several months.