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Lyondell Chemical Settles Enviro Case for $162M

NEW YORK (CN) - Lyondell Chemical Co. has agreed to pay $162 million to settle environmental liabilities, federal prosecutors said Wednesday.

Lyondell, one of the largest chemical manufacturers in the United States, filed chapter 11 bankruptcy in January 2009. Prosecutors filed suit to recover cleanup costs at various contaminated sites across the country that were owned by the company.

Authorities say $108 million will go to a custodial trust to pay for the clean up of nine polluted sites; $2 million of that will go toward the restoration of wildlife and habitat at one of the company's former sites.

The rest of the money will go to the United States.

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