Tyco, a multinational corporation, has consented to a $750 million settlement in response to lawsuits brought by public water systems across the nation. These lawsuits stem from contaminated drinking water supplies found in an estimated 12,000 public water systems. The announcement, made by lead class counsel last Friday, represents one of the most substantial agreements concerning water system contamination.
The Tyco settlement joins a list of similar agreements from other corporations such as DuPont who agreed to pay $1.19 billion, and 3M who offered up to $12.5 billion. Each of these settlements demonstrates a growing trend for corporations becoming financially accountable for the environmental consequences of their operations.
Details on the exact nature of the contamination and the specific effects on the public water systems affected are yet to be released. For more comprehensive coverage of the Tyco settlement and its implications, more information is available here.