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It resolves all indemnification obligations between Chemours and DuPont for all of the approximately 3,500 claims in the OH multi-district litigation, Chemours said in a news release issued February 13. Earlier this year, a federal jury had ordered DuPont to pay $500,000 in punitive damages to an OH man who claimed he developed cancer from exposure to PFOA used in the production of Teflon at the Parkersburg facility.

The chemical giant announced details of the settlement of more than 3,500 lawsuits on Monday morning. A jury found the companies liable in a testicular cancer case and awarded $5.1 million in compensatory damages.

DuPont and Chemours will split the $670 million, which will be paid in cash.

The lawsuits, filed in state and federal courts in West Virginia and Ohio, had been consolidated in multi-district litigation in U.S. District Court in Columbus, Ohio.

In a press release, DuPont said the "agreement in principle" would settle 3,550 personal injury cases.

Keep Your Promises DuPont advisor Harold Bock said DuPont's settlement is an enormous step in the right direction and that the group is "cautiously optimistic" about the settlement.

DuPont and Chemours, both based in Wilmington, Del., also said each could pay an additional $25 million a year over five years if the settlement's price tag rises above $670 million.

As a condition of its spin-off from DuPont in 2015, Chemours was responsible for all costs related to PFOA, but DuPont waived that condition to share in the cost of settlement.

"This agreement provides a sound resolution for area residents, Chemours, and the public", said David Shelton, senior vice president and general counsel for Chemours. It also brings the total cost to DuPont and Chemours, throughout the litigation, to more than $1 billion.

As part of the settlement, Chemours agreed not to contest its liability for PFOA costs.

DuPont officials say the settlement of the multi-district litigation in OH includes all claims pending, including those for which jury verdicts have already been issued.