PETERSBURGH, N.Y. (NEWS10) — Residents in the town of Petersburgh have reached a financial settlement with Taconic Plastics over PFOA contamination in the town’s water.

The settlement is worth $23,464,362.

It will establish separate funds to pay property owners on the town’s water system, pay property owners with private wells that were contaminated, and a 15-year medical monitoring program for people who had certain levels of PFOA detected in their blood.

The attorney representing the town of Petersburgh sent NEWS10 ABC the following statement:

“We are very pleased that after five and a half years of litigation, the Parties were able to negotiate a class action settlement to compensate current and former residents of Petersburgh for loss of property value, nuisance, and to establish at 15 year medical monitoring program. We hope this resolution helps the community continue to recover and we trust that the medical monitoring program will assist those exposed to PFOA to improve their health and detect any PFOA-related health conditions at an early stage.”

James Bilsborrow, Partner, SEEGER WEISS LLP

Tonoga, the parent company for Taconic, sent NEWS10 a statement regarding the settlement:

“Tonoga, Inc. d/b/a Taconic is pleased to have settled with the plaintiffs in the Petersburgh class action lawsuit. For more than 60 years, Taconic has been committed to the success of our local community. We look forward to continuing our commitment to the health and safety of our employees and members of the community and to providing sustainable employment opportunities and economic stability to Petersburgh and the surrounding communities.”

Timothy Kosto, President, Taconic Plastics

The settlement still needs to be approved by a judge.

Read the settlement in-full below: