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While the outcome of litigation cannot be predicted with certainty, and some of these lawsuits, claims or proceedings may be determined adversely to the Company, management does not believe that the disposition of any such pending matters is likely to have a material adverse effect on the Company’s financial condition or liquidity, although the resolution in any reporting period of one or more of these matters could have a material adverse effect on the Company’s results of operations for that period.
+Added: Pension Annuitization Litigation.
In August 2024, the Company received notice that it and certain of its affiliates are parties to two lawsuits captioned (1) William L.
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2:24-cv-01214) , both of which are filed in federal district court for the Western District of Pennsylvania.
−Removed: These lawsuits assert various claims associated with the Company’s October 2023 purchase of group annuity contracts to transfer a portion of its U.S.
+Added: These lawsuits, which were consolidated in late 2024, assert various claims associated with the Company’s October 2023 purchase of group annuity contracts to transfer a portion of its U.S.
qualified defined benefit pension plan obligations to Athene Annuity and Life Company and Athene Annuity & Life Assurance of New York.
+Added: The Company filed a Motion to Dismiss the consolidated claims on January 27, 2025, and briefing on the Motion has been completed.
The Company disputes and intends to vigorously defend against these claims, but given the preliminary nature of these matters, cannot predict their outcome or estimate any range of reasonably possible loss at this time.
+Added: Richland Operations Local Air Permitting .
+Added: In late 2024, Benton Clean Air Agency (“BCAA”) issued a Notice of Violation (“NOV”) to our subsidiary, International Hearth Melting, LLC d/b/a ATI Specialty Materials (“ATISM”) for failure to identify and quantify air pollutants in the original 1997 permit application for the Richland, Washington (“Richland”) electron beam furnace, which was purchased by ATISM in 1998, in alleged violation of certain provisions of the Washington Administrative Code (“WAC”).
+Added: BCAA also issued an Order of Correction directing ATI to submit an application for installation of a pollution control device for the existing furnace and to install the approved pollution control device.
+Added: On March 26, 2025, BCAA issued a second NOV to ATISM for failure to obtain an order of approval prior to construction of a second electron beam furnace, in alleged violation of the WAC.
+Added: A permit approving the construction of the second furnace was issued March 17, 2025.
+Added: On April 8, 2025, the Company received a draft settlement offer from BCAA to resolve these matters.
+Added: The Company is currently engaged in discussions with BCAA.
+Added: While the possibility exists that any such resolution may require ATISM to make additional investments in the Richland facility and/or pay a penalty to resolve allegations regarding its alleged WAC violations, the Company does not currently anticipate such investment and/or penalty, if any, will be material to its business or consolidated financial performance.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.