US States Sue Corteva Over Vylor Spinoff
Fifteen US states and Guam sued Corteva alleging its recent spinoff of Vylor was designed to shield valuable assets from billions in PFAS liabilities. The lawsuit claims the restructuring illegally defrauds creditors while leaving environmental cleanup costs behind.
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Fifteen United States states sued CORTEVA INC on Thursday morning, alleging a corporate spinoff was designed to evade tens of billions of dollars in PFAS liabilities. The legal action follows the completion of the company's seed and genetics business separation into a new publicly traded entity. The lawsuit threatens to derail the restructuring by targeting assets allegedly sheltered from environmental cleanup claims.
