Why Shares of Chemours Were Down Today
Shares of Chemours (NYSE: CC) fell more than 8% on Tuesday, and were down more than 10% earlier in the day, after the chemical company's lawsuit against its former parent was dismissed on technical grounds. Chemours has vowed to fight on, but the decision is a setback in its battle to escape some of the environmental liability costs it currently faces.
Chemours, a major supplier of titanium dioxide, was spun out of DuPont (NYSE: DD) in 2015 and held on to a lot of legacy environmental liabilities as part of the separation agreement. Chemours has argued that DuPont's estimates of how much its former subsidiary would be on the hook for were off base and were not prepared in good faith. And so Chemours had gone to court to try to get DuPont to foot more of the bill.
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Source Fool.com
