Corporations and securities brief ~ DuPont settles class action lawsuit for $340 million

In Thursday's corporations and securities law news, chemical giant DuPont has agreed to a settlement to resolve a class action lawsuit alleging the company contaminated a West Virginia community's water supply with chemical PFOA, a key ingredient used in its Teflon products. The settlement, which a circuit judge must still approve, could be worth as much as $340 million but does not include any admission of liability by DuPont. Read the DuPont press release announcing the settlement here. Click for more background on the class action suit here. AP has more.

In other news, Computer Associates International chief financial officer, Jeff Clarke says he expects to reach a settlement with the US government in its investigation into the company's accounting practices. AP has more.... As reported earlier on JURIST's Paper Chase, Cracker Barrel announced it will pay $8.7 million as part of a settlement with the NAACP for its discriminatory practices toward black customers and employees. Read the Cracker Barrel press release announcing the settlement here. AP has more.... Time Warner Inc. is interested in a potential acquisition Adelphia Communications Corp., the cable company who put itself up for sale after filing for bankruptcy following the massive accounting scandal. Click to see Adelphia's plan for sale here[PDF]. AP has more.... Federal bankruptcy judge Arthur Gonzalez denied Enron's request to block a lawsuit by Pension Benefit Guaranty Corp. [PBGC] who is seeking to take control of the company's pension plans. The agency, which acts as a safety net for corporate pension plans, filed the lawsuit to make Enron pay the $320 million owed to former employees under four pension plans. Read the PBGC press release announcing the lawsuit here. Bloomberg has more.... As reported earlier on JURIST's Paper Chase, US District Judge Richard Owen sentenced former banker Frank Quattrone Wednesday to 18 months in prison, two years probation and a fine of $90,000. Read the original indictment against Quattrone here[PDF]. AP has more.

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