PFOA Class Action Suit
Newspaper articles and Documents
related to PFOA Class Action
April 13, 2005
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.