Summary
Johnson Controls International plc (JCI) announced through its subsidiaries, Tyco Fire Products LP and Chemguard Inc., a settlement for a class action lawsuit filed in 2018 concerning PFAS associated with the Tyco Fire Technology Center (FTC) property in Marinette, Wisconsin. The settlement, totaling up to $17.5 million, is intended to compensate residents for claimed property value loss and potential exposure or personal injury claims related to PFAS. Importantly, the company does not anticipate this settlement will impact its fiscal year 2021 earnings or cash flows.
Key Highlights
- 1JCI subsidiaries Tyco Fire Products LP and Chemguard Inc. have agreed to a settlement for a PFAS-related class action lawsuit.
- 2The settlement amount is up to $17.5 million, intended for residents affected by PFAS from the Tyco Fire Technology Center (FTC) in Marinette, Wisconsin.
- 3The settlement covers compensation for property value loss and claims related to PFAS exposure or personal injury.
- 4Johnson Controls does not expect the settlement to materially impact its fiscal year 2021 earnings or cash flows.
- 5The settlement does not include an admission of wrongdoing by the subsidiaries.
- 6The settlement is specific to the FTC property and distinguishes it from other PFAS litigation involving firefighting foam products at various other locations, where JCI believes a government contractor defense may apply.
- 7The settlement is subject to federal court approval and other contingencies.