Cavagnaro v. Shieldalloy Metallurgical Corporation, et. al.

• A class action lawsuit was filed in New Jersey State Court, seeking relief under New Jersey law on behalf of a class of residential property owners who own property located within one or more Classification Exception Areas (“CEAs”) that were established as an institutional control for certain existing and projected groundwater contamination. The lawsuit sought to recover damages incurred by class members for the diminution of their property value as a result of the CEAs. 

• Plaintiffs and Defendant have now agreed to a Settlement Agreement to resolve the lawsuit on a class basis against all defendants, as described below. The Court has not decided whether Plaintiffs’ claims and/or defendants’ defenses are valid. By agreeing to the Settlement Agreement, neither Defendant nor Plaintiffs make any admissions regarding any liability by Defendant or the merits of the allegations, claims, or defenses in this case. Defendant has denied and continues to deny that it did anything wrong and that the lawsuit has any merit.

• The Settlement Class includes: All Persons that/who, as of Execution Date, own Residential Property or Residential Properties located, partially or wholly, within the geographical boundary defined by the following classification exception areas established for groundwater contamination other than perchlorate: (a) the Shieldalloy Metallurgical Corp. OU1 CVOC Classification Exception Area proposed and established by TRC and approved on or about September 2, 2020 and/or (b) the Shieldalloy Metallurgical Corp. NW TCE PCE Plume Classification Exception Area proposed and established by TRC and approved on or about the September 9, 2020 (each a “CEA” and collectively the “CEAs”).  A list of all properties located within either CEA (or both CEAs) is attached as Exhibit B (the “Class Properties”) to the Settlement Agreement.

• If the Settlement Agreement is approved and becomes final, Defendant will pay $1,325,000.00 into a Settlement Fund Account. This money will be used to: (1) make settlement payments to Settlement Class Members; (2) pay the costs of distributing notice and settlement checks and electronic payments to Settlement Class Members and other costs of administering the settlement; and (3) pay court-awarded attorneys’ fees and expenses of the attorneys appointed by the Court to represent the Class (“Class Counsel”) and any service awards granted to the Settlement Class Representatives. As explained below, if you file a claim by the deadline and are eligible for a payment, the amount of payment is dependent on your property’s location and how many Settlement Class Members file valid claims.

Your legal rights will be affected whether you act or do not act. You should read the entire Notice carefully.