Alcoa settles civil lawsuit with Alba

Oct 09, 2012 | 04:42 PM | Suzy Waite

Tags  Alcoa, Alba, Aluminium Bahrain, Mahmood Hashim Al-Kooheji, Victor Dahdaleh, alumina, civil racketeering lawsuit, aluminum Suzy Waite

NEW YORK — Alcoa Inc. and Aluminium Bahrain BSC (Alba) have reached a settlement agreement in the civil racketeering lawsuit filed by Alba in 2008.

The settlement is valued at $447 million, according to Alba, which will be realized in a combination of cash and long-term alumina sales agreements.

"This is an historic day in our long campaign to recover losses suffered by Alba over more than 20 years," Alba chairman Mahmood Hashim Al-Kooheji said in a statement Tuesday. "The new leadership of Alcoa is to be commended for this fair and transparent settlement, which marks a turning point for Alba in its legal efforts to recover losses suffered over a long period of time."....

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