05 January 2012 20:08 [Source: ICIS news]
HOUSTON (ICIS)--Lyondell Chemical proposed settling two Canadian polyols price-fixing lawsuits for nothing, the company said on Thursday.
The agreement reached by Lyondell and the polyols customers is pending court approval.
The lawsuits were filed in 2006 in Canada, before LyondellBasell was created by the merger of Lyondell Chemical and Basell. During the time concerning the lawsuits, Lyondell still owned its polyols business.
In the lawsuits, Canada-based producer Crosslink Technology and other polyols customers accused Lyondell of fixing prices for polyether polyols, which are used to make polyurethanes.
The customers were seeking $110m (€85m).
Lyondell had denied fixing prices. After it filed for bankruptcy protection in 2009, it valued the customers' claims at nothing.
LyondellBasell has since emerged from bankruptcy protection, and the customers agreed to settle their claims for nothing.
Under the settlement, Lyondell denied that it fixed prices for polyols. Also, it will have no financial obligations or liabilities.
However, it did agree to pay any expenses involved in notifying the polyols customers about the settlement. Those expenses will not exceed Canada dollar (C$) 35,000 ($35,000, €27,000).
Lyondell Chemical reached a similar settlement in a polyols price-fixing lawsuit filed in the US.
Crosslink was not immediately available for comment.
($1 = C$1.01)
($1 = €0.77)
For more on LyondellBasell visit ICIS company intelligence
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