If You Purchased Or Otherwise Acquired The Securities Of Crompton Corporation (“Crompton”) During The Period Between October 26, 1998, And October 8, 2002, Inclusive, Including Without Limitation Crompton Securities Purchased or Acquired Pursuant To The Merger Between Crompton & Knowles Corporation And Witco Corporation And Were Damaged Thereby (The “Class”), Your Rights May Be Affected By A Class Action Settlement.
A modified class action settlement has been reached in a class action lawsuit pending against Crompton Corp., Vincent Calarco, Peter Barna, E. Gary Cook, Harry G. Hohn, Bruce F. Wesson, Simeon Brinberg, and Nicholas Pappas (collectively, the “Defendants”) in the United States District Court for the District of Connecticut (styled In Re Crompton Corp. Securities Litigation, No. 3:03-CV-1293 (EBB)), alleging, among other things, that Crompton participated in collusive business conspiracies designed to artificially fix price and demand for most of its product line, according to the Crompton securities class action settlement notice.
Under the proposed Crompton securities class action lawsuit settlement, Defendants have reportedly created a $11,357,500 cash Settlement Fund, the balance of which, after payment of court-approved attorneys’ fees and expenses and the costs of claims administration, including the costs of printing and mailing Notice and the cost of publishing notice (the “Net Settlement Fund”), will be divided among all Crompton settlement Class members who submit timely and valid claim forms.
The Crompton securities class action settlement class reportedly includes all those who purchased or otherwise acquired the securities of Crompton during the period between October 26,1998, and October 8, 2002, inclusive, including without limitation all persons and entities that purchased or otherwise acquired Crompton Securities pursuant to the merger between Crompton & Knowles Corporation and Witco Corporation, and who are otherwise not excluded from the class action settlement.
A proposed settlement of the class action lawsuit in the amount of $20,650,000, was previously publicized in early 2009, but before that settlement was finalized, Chemtura Corporation (“Chemtura”), Crompton’s successor, filed for bankruptcy. As a result, the class action lawsuit was stayed pursuant to 11 U.S.C. § 362(a) of the U.S. Bankruptcy Code, and, pursuant to 11 U.S.C. §§ 547 and 550, the contribution to the original settlement made by the Company was returned to it. The plaintiffs have reportedly elected to modify the original settlement of the class action lawsuit and have agreed to accept $11,357,500 Defendants paid or caused to be paid from Chemtura’s Directors & Officers Insurance.
A class action settlement fairness hearing is scheduled to be held at 10:00 a.m., on August 17, 2010, at the United States District Court for the District of Connecticut, Richard C. Lee United States Courthouse, 141 Church Street, New Haven, CT 06510, Courtroom Three. At this settlement hearing, the
Court will reportedly consider, among other things, whether the Crompton class action settlement is fair, reasonable, and adequate.
For more information on the Crompton securities class action lawsuit settlement and potential settlement benefits, contact the Claims Administrator by email at questions@cromptonsecuritiessettlement.com or by phone toll-free at 1-866-840-0341 or visit the Crompton Securities Settlement website:
www.CromptonSecuritiesSettlement.com
If You Have Thoughts On The Crompton Securities Class Action Lawsuit Settlement, Share Your Settlement Comments Below.