19 October 2006 16:15 [Source: ICIS news]
LONDON (ICIS news)--Bayer has agreed to pay $18m (€14.3m) to settle claims it participated in a cartel to inflate the price of polyester polyol-based products between 1998 and 2005, a company spokesman said on Thursday.
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Bayer said it is required under the agreement to co-operate with claimant attorneys as they continue the lawsuit against former co-defendants Uniroyal Chemical and Chemtura, formerly known as Crompton.
The court dismissed cases against Rhein Chemie Corp and Rhein Chemie Rheinu – subsidiaries of Lanxess, which was spun off from Bayer last year.
In December 2005, European Union regulators fined Bayer €58.9m and Crompton/Chemtura €13.6m for operating a cartel between 1996 and 2001, finding that they shared information about prices of rubber chemicals in contravention of EU competition rules.
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