10 January 2012 23:10 [Source: ICIS news]
HOUSTON (ICIS)--US-based Huntsman would not disclose on Tuesday the terms of a second settlement in the long-running isocyanates price-fixing litigation, the company said on Tuesday.
The litigation dates back to 2004, when several customers accused Huntsman, Bayer, BASF, Dow Chemical and LyondellBasell of fixing prices. The litigation covered propylene oxide (PO) based polyether polyols; methyl di-p-phenylene isocyanate (MDI); and toluene di-isocyanate (TDI) that were purchased from 1 January 1999 through 31 December 2004.
The customers were divided into two groups, with the first group becoming part of a class-action lawsuit.
The second group was made up of customers that chose not to participate in the class-action lawsuit.
Huntsman had already settled the class-action lawsuit by paying $33m (€26m) in 2011.
At the end of 2011, Huntsman reached a settlement with the second group of customers – the ones who did not participate in the class-action lawsuit. Huntsman would not disclose the terms of the settlement because they were confidential.
Producers Dow Chemical and BASF are still fighting the allegations made by this second group of customers.
Meanwhile, only Dow is fighting the class-action lawsuit.
BASF settled the class-action lawsuit by paying $51m.
LyondellBasell reached settlements with both groups of customers. For both groups, LyondellBasell paid nothing.
Bayer settled the litigation in 2006 for $55.3m.
($1 = €0.78)
For more on MDI or TDI visit ICIS chemical intelligence
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