16 May 2013 04:35 [Source: ICIS news]
(recasts, clarifying date in second paragraph)
SINGAPORE (ICIS)--A federal judge in Kansas city ordered US’ Dow Chemical on Wednesday to pay $1.2bn in damages for a urethane price-fixing case, Reuters reported citing court documents.
Dow was the only defendant among the chemical firms named in the class action lawsuit filed in 2005 that did not settle.
In January, Dow went to trial in Kansas City and in February a federal jury rendered a $400m verdict against the chemical company after determining that it conspired to fix prices of urethane, Reuters said.
US district judge John W. Lungstrum of Kansas denied Dow's request to overturn that verdict, and tripled the damages that the company needed to pay under US antitrust law, Reuters reported.
The other defendants in the case that settled include Bayer AG, which agreed to pay $55m in 2008. In 2011, Huntsman International LLC agreed to the settlement and paid $33m; and BASF Corp paid $51m, according to Reuters.
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