Solstice Advanced Materials reaches settlement in Metropolis Works lawsuit

Solstice Advanced Materials (NASDAQ: SOLS) announced it has reached an agreement in principle to settle all litigation related to its Metropolis Works uranium conversion plant in Metropolis, Ill., according to a company press release.

The lawsuits, which date back to 2018, were filed as a series of cases including a class action on behalf of local residents, as well as individual cases brought by citizens, the City of Metropolis, and Massac County, Ill. The claims alleged property damage and personal injury related to the plant's operations.

Solstice said a significant portion of the settlement includes investments in programs designed to benefit Metropolis residents, with details to be developed alongside community partners, including the plaintiffs. The company did not disclose the financial terms of the settlement.

Plaintiffs' counsel Richard Kruger and Kevin Thompson described the agreement as a settlement "fashioned to ensure significant investment into local public health measures." The class action portion of the settlement remains subject to court review and approval, a process expected to take several months.

Solstice stated it continues to deny the allegations and is not admitting any liability, wrongdoing, or violation of law. The company said it determined that resolving the matter was in the best interests of its shareholders, citing a desire to avoid the costs and uncertainty of prolonged litigation.

The agreement in principle is still subject to the parties formalizing a definitive signed written agreement, as well as approval from the court and various governmental entities and other stakeholders.

Solstice said it does not expect the settlement to have a material impact on its business operations or financial performance. The Metropolis Works facility is described as the only uranium conversion plant in the United States.

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