Antitrust Law Daily Wrap Up, TOP STORY—Urethane Buyers Win $400 Million Jury Award in Trial of Price Fixing Claims Against Dow, (Feb 21, 2013)
Organizations Mentioned:Dow Chemical Co. | Huntsman International, LLC | Lyondell Chemical Co.
By E. Darius Sturmer, J.D.
A class of direct purchasers of several types of chemicals used to manufacture polyurethanes has prevailed in the trial of its price fixing claims against Dow Chemical Company in the federal district court in Kansas City, Kansas. The purchasers were awarded $400,049,039 by the jury—an amount that could increase to more than $1.2 billion after the trebling provisions of federal antitrust law are applied, according to a February 20 announcement by Cohen Milstein, co-lead counsel for the plaintiff class.
In the suit, In re Urethane Antitrust Litigation, the class complained that they were overcharged by Dow and four other chemical companies as a result of a nationwide price-fixing conspiracy that occurred from 1999 through 2003.
Three other chemical companies—Bayer, BASF, Huntsman International, LLC—previously agreed to settle the claims against them for approximately $139 million. A fourth company, Lyondell Chemical Co., was under bankruptcy protection and settled without paying damages.
Companies: Dow Chemical Co.
MainStory: TopStory Antitrust