Oklahoma City-LSB Industries Inc. said June 6 that it received payment in satisfaction of a judgment in favor of a subsidiary of the company against defendants Ingersoll-Rand Co. and DR Holding Corp. as general partners of Dresser Rand Co. (DRC). Including interest, the judgment totaled over $11.2 million. The company’s net recovery is $7.7 million after paying attorney fees equal to 31.67 percent. Upon receipt of payment in satisfaction of the judgment, the company recognized the amount of the net recovery as other income. The case claimed negligent failure by DRC to properly rebuild a hot gas expander for the company’s subsidiary’s DM Weatherly nitric acid plant. The case also claimed DRC’s negligent failure to rebuild a hot gas expander for other nitric acid plants located at that subsidiary. In other news, LSB has made Business Week’s list of “50 Hot Growth Companies” for the second consecutive year. It was 38th in the June 9 issue.
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