Chemours (CC) Stock Surges on Light Punitive Damages in DuPont Case
NEW YORK (TheStreet) -- Chemours (CC) - Get Reportstock is up 17.99% to $7.74 on heavy trading volume this afternoon after an Ohio jury assigned $500,000 in punitive damages to DuPont (DD) in a chemical dumping lawsuit.
Chemours, a spin-off company of DuPont, agreed to bear the cost of the lawsuit.
Lawyers met on Thursday to discuss the possibility of $1.2 billion in punitive damages, and the actual ruling far undercut those expectations.
A jury ruled on Wednesday that DuPont would pay $5.1 million to a West Virginian man who developed testicular cancer from drinking water contaminated with a toxic Teflon chemical, C-8, that leaked from a DuPont plant into the Ohio River.
With the punitive damages assigned today, DuPont spin-off Chemours will pay $5.6 million in the case.
DuPont will face 3,400 more lawsuits from the chemical leak in its West Virginian plant. This is the third case the company lost.