WESTLAKE VILLAGE, California - September 05, 2012
DOLE FOOD COMPANY COMPLETES AGREEMENT TERMINATING 38 DBCP LAWSUITS
Dole Food Company, Inc. (NYSE: DOLE) today announced the termination of 38 lawsuits that had been pending in the United States and Nicaragua, including two Nicaragua judgments totaling $907.5 million, completing an agreement that had been reached late last year. The cases had been brought by the ProvostUmphrey Law Firm on behalf of foreign plaintiffs claiming injuries from alleged exposure more than 30 years ago to the agricultural chemical DBCP. The completed agreement will not have a material effect on Dole's financial condition, results of operations or cash flows.
"The termination of these 38 lawsuits takes Dole completely out of all ProvostUmphrey DBCP litigation, including the two judgments pending in the Nicaragua courts, and moves Dole closer to the eventual elimination of all DBCP lawsuits,” said C. Michael Carter, Dole's Executive Vice President, General Counsel and Corporate Secretary. “Though there is no reliable scientific basis for alleged injuries from the agricultural field application of DBCP, Dole has been willing to consider possible agreements which recognize that there is no causal connection between DBCP and plaintiffs’ allegations."
This release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Forward looking statements, which are based on management's current expectations, are generally identifiable by the use of terms such as "may," "will," "expects," "believes," "intends," "anticipates" and similar expressions. The potential risks and uncertainties that could cause actual results to differ materially from those expressed or implied herein include weather-related phenomena; market responses to industry volume pressures; product and raw materials supplies and pricing; energy supply and pricing; changes in interest and currency exchange rates; economic crises and security risks in developing countries; international conflict; and quotas, tariffs and other governmental actions. Further information on the factors that could affect Dole's financial results is included in its SEC filings, including its Annual Report on Form 10-K.