April 13, 2005. Amalgamated Bank to Vote 'FOR' DuPont Stockholder Proposal - Investors Seek Board Disclosure Related to Consequences of Chemical Used in Teflon(R).  

Return to
PFOA Class Action Suit
Newspaper articles and Documents related to PFOA Class Action

See brief introduction to PFOA and PFOS




April 13, 2005

Press Release

Source: Amalgamated Bank

Amalgamated Bank to Vote 'FOR' DuPont Stockholder Proposal

- Investors Seek Board Disclosure Related to Consequences of Chemical Used in Teflon(R)

NEW YORK, April 13 /PRNewswire/ -- Amalgamated Bank's LongView Collective Investment Fund announced today that it plans to vote its 409,495 shares of DuPont (NYSE: DD - News) stock in favor of a shareholder proposal seeking a report by the Board of Directors. The report would disclose costs related to the health and environmental consequences of perfluorooctanoic acid (PFOA) exposures, including DuPont's remediation of sites where PFOA is present and PFOA-related litigation.

According to the proposal, which appears as Item #9 in the 2005 DuPont proxy statement, DuPont faces significant liabilities due to potential health and environmental consequences related to PFOA, a chemical processing aid used in the production of Teflon® and other products. DuPont is the exclusive U.S. manufacturer of PFOA, which has been shown to cause cancer and liver damage in animals.

In September 2004, DuPont settled a class action lawsuit involving PFOA water pollution. DuPont will pay at least $108 million under the settlement for new water treatment systems for six West Virginia and Ohio communities, health and education programs, and other costs. DuPont could also be required to spend an additional $235 million for a medical monitoring program for area residents.

In addition, the Environmental Protection Agency (EPA) recently filed an administrative complaint against the company, alleging that for twenty years beginning in 1981, DuPont withheld information from the EPA, including the presence of PFOA in blood samples of pregnant DuPont employees and widespread PFOA contamination in local drinking water above the Company's community exposure guidelines. DuPont faces a potential fine of more than $300 million in the case.

Amalgamated Bank believes that a proactive approach to disclosure of risks related to DuPont's use of PFOA would allow for enhanced assessment of risks and opportunities related to the manufacture of this chemical and could prevent help protect the company's reputation as a corporate citizen.
Founded in 1923, Amalgamated Bank invests workers' retirement savings through its LongView Funds. With $10 billion in assets under management, LongView works to enhance shareholder value through corporate governance reforms at portfolio companies.

Amalgamated Bank is available online at http://www.AmalgamatedBank.com.

Fluoride Action Network | Pesticide Project | 315-379-9200 | pesticides@fluoridealert.org