Alcoa Offering Alba At Least $45M To Settle Suit
PITTSBURGH (AP) — Alcoa Inc. has offered Aluminum Bahrain BSC at least $45 million to settle a federal lawsuit that alleges Alcoa-related firms paid millions in bribes that resulted in the Bahrain-controlled company overpaying for raw materials.
Attorneys for the firm, also known as Alba, did not immediately return calls and emails for comment on the settlement offer disclosed in Alcoa's latest earnings report Monday.
An Alcoa spokeswoman says the aluminum giant maintains that the facts don't support Alba's claims, but that Alcoa is nonetheless "open to settlement to avoid the time and expense of complex litigation."
The earnings release says Alcoa has also offered the Bahrain firm a long-term alumina supply contract and could charge up to $75 million more against Alcoa's future earnings to settle the lawsuit.