New Jersey chemical company Cytec Industries has received a $9.5 million payout from its insurance carriers, settling a long-running pollution coverage lawsuit. The names of the Cytec insurers that made the payouts were not disclosed.
The lawsuit was filed by American Cynamid Co. in the early 1990s, claiming insurers should reimburse the company for the cost of cleaning up polluted sites. When American Cynamid spun off the suit in 1993, Cytec became a plaintiff.
So far this year, Cytec has received $13.7 million in pre-tax insurance payouts net of expenses.
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