This morning, Chemours discussed its dismal financial performance during its Q4 Quarterly Earnings Call. Chemours’ leadership failed to provide clarity on the growth of C-8 and environmental liabilities, the company’s recent highly critical evaluation from Moody’s, how thousands of victims of C-8 contamination will be compensated and have their water filtered, and other crucial issues. The company also downplayed DuPont’s recent gift of $190 million as well as the special indemnification, announced yesterday, shielding Chemours’ directors and officers from liabilities.
The special indemnification, announced in yesterday’s 8-K filing (click to download), clearly demonstrates a recognition on the part of Chemours’ directors and officers that they must protect themselves from liabilities arising from the growing C-8 crisis.
“It is shameful and dishonest for CEO Vergnano to mischaracterize the special indemnification and to downplay DuPont’s gift of $190 million to prop up the failing company,” stated Dr. Paul Brooks, advisor to Keep Your Promises. “Chemours’ directors and officers are securing their lifeboats on a sinking ship while thousands of C-8 victims are suffering and dying.”
Chemours also announced that they expect the appeals in the first C-8 bellwether trial, which returned a verdict of $1.6 million for the plaintiff, to last another 12 months.
“With so many in our community suffering from C-8 diseases, including Keep Your Promises’ own Earl Botkin, who is now in the hospital due to a C-8 linked disease, it is unthinkable that Chemours would continue this charade in the face of overwhelming evidence that C-8 does serious harm and that DuPont is to blame,” continued Dr. Brooks. “Justice delayed is justice denied, and we must not allow DuPont and Chemours to walk away from the irreversible damage they have done to our communities.”