Toray Will Pay $2 Million for Stealing DuPont Secrets

Toray Chemical Korea is said to have agreed to pay $2 million to settle a criminal complaint alleging attempted theft of a DuPont trade secrets.

The complaint against the subsidiary of the Japanese-headquartered company was filed in US district court in Richmond, Virginia.

In an accompanying deferred prosecution agreement, Toray admitted the allegations, agreed to pay the penalty and take corrective actions. The government agreed to drop the case after two years if Toray complies with the agreement.

According to reports, Toray sought to develop a fiber used in protective fabrics, electrical insulation and other products that is similar to a fiber manufactured by DuPont. To facilitate the development it hired or attempted to hire DuPont employees as consultants.