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Jury Renders Verdict in Fluor v. Solutia Case
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A jury in Houston today rendered a verdict against Solutia Inc. (NYSE: SOI) in the Fluor v. Solutia case. This case involves a dispute between Fluor and Solutia over contractual obligations during the construction of Solutia's acrylonitrile manufacturing facility in Alvin, Texas, for which Fluor was the main contractor.
The jury handed down two alternative verdicts based on two mutually exclusive theories. The verdict on the theory of breach of contract was for $4.85 million and the verdict on the theory of quantum meruit was for $34.505 million. Quantum meruit is a legal theory typically applicable to situations without a contract. No judgment has been entered on the verdict. Solutia intends to vigorously pursue all post-verdict remedies.
Solutia is disappointed with the verdict handed down in court today and does not believe the facts of the case justify the verdict. The subject of the lawsuit is the impact of changes made during construction of the facility. Solutia feels it has fairly compensated Fluor for changes on the project.
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September 17th, 2002
Source: Solutia |
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