UpdateDow to appeal US court ruling in isocyanates price-fixing case

16 May 2013 17:37  [Source: ICIS news]

(updates with response from Dow Chemical)

HOUSTON (ICIS)--Dow Chemical will appeal an adverse US court judgment for alleged price fixing of isocyanates, it said on Thursday.

Dow Chemical was reacting to a ruling by a US federal judge, ordering Dow to pay $1.2bn (€936m) in damages.

“We believe that the jury’s findings required that judgement should have been entered in Dow’s favour,” Dow said in a brief statement to ICIS.

“Dow has always denied plaintiffs' allegations of price fixing,” it said.

Dow added that the matter had been investigated by the US Department of Justice (DOJ) from 2005 through 2007.

Dow fully cooperated with the DOJ, and the DOJ closed the investigation in December 2007 without bringing charges against any person or entity, it said.

“Consistent with the outcome in this earlier DOJ investigation, Dow should not be held liable in the civil case,” the company said.

"As indicated, we will appeal and we are confident of a favourable outcome,” it said.

($1 = €0.78)

Additional reporting by Pearl Bantillo and Al Greenwood

By: Stefan Baumgarten
+1 713 525 2653

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