$400 Million Verdict in Urethane Antitrust Litigation
Dow Chemical suffers a loss to the tune of $400 million after a Kansas jury returned a guilty verdict accusing the company of colluding with competitors to fix the price of urethane products. According to Bloomberg, the plaintiffs accused the company of having an informal agreement to fix the prices of urethane-derived products, which are used in the construction, appliance, furniture, and automotive industries.
The plaintiffs requested an award of $1.125 billion, but the jury discounted claims before the year 2000, which diminished the award amount. This is yet another price-fixing lawsuit-there were similar cases with the banks, as well as the LCD case. There may be some cause for the Federal Trade Commission to investigate several industries with monopolistic behavior.
According to the official Urethane Settlement Website, http://www.polyetherpolyolsettlement.com, a distribution hearing was held on November 26th, 2012, which “approved initial distribution from the Huntsman and BASF Settlement Funds. The checks for the first distribution were mailed on December 28th, 2012. We anticipate mailing payments for the second distribution in late 2013.”
For plaintiff’s attorneys involved in this litigation, there will most likely be a significant delay in payment of legal fees. To help combat potential cash flow problems caused by this postponement, RD Legal is providing post-settlement funding to the plaintiff’s law firms involved in the Urethane Antitrust Litigation. For more information about attorney post-settlement funding, call Joseph Genovesi at 1-800-565-5177, or fill out the quick form at the top of this page to begin the application process.
Written by Lulaine Compere.