30 January 2013 18:15 [Source: ICIS news]
HOUSTON (ICIS)--Three major North American fertilizer companies announced on Wednesday that they have agreed to settle a potash antitrust lawsuit.
Minnesota-based Mosaic, Alberta-based Agrium and the Potash Corporation of Saskatchewan (PotashCorp) will pay a total of $43.75m (€32.38m) to settle all claims brought by a purported class of direct and indirect purchaser plaintiffs in the lawsuit.
The litigation has been pending in US District Court in the Northern District of Illinois since 2008.
The plaintiffs claimed that the defendants' pricing of potash violated US antitrust laws.
The three companies did not admit any wrongdoing and will be released from any liability in connection with the plaintiffs' claims. The settlement is subject to final court approval.
Mosaic said in a press release that it chose to settle the claims to avoid the significant costs, burden and distraction of protracted litigation.
“These allegations are completely without merit, and we deny all of the claims asserted in the lawsuit,” said Bill Doyle, president and CEO for PotashCorp.
“The reality is that we weighed the multi-year effort in time and resources that would have been required to defend this lawsuit and determined that our management should remain focused on the production of potash and serving our customers," Doyle added.
($1 = €0.74)
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