07 June 2013 23:53 [Source: ICIS news]
HOUSTON (ICIS)--US major Dow Chemical wants part of a $1.2bn (€910m) judgement changed in its favour, after the company lost an isocyanates price-fixing lawsuit, according to documents obtained on Friday.
The lawsuit accused Dow and other companies of fixing prices for a number of polyols and isocyanates purchased from 1 January 1999 and 31 December 2004. The other companies had reached settlements, while Dow went to trial.
In February 2013, a jury found that Dow had fixed prices and found that the isocyanates customers were entitled to $400m in damages.
Under US anti-monopoly laws, such damages can be tripled, and in May, a judge ordered that Dow pay $1.2bn.
Dow wants the judgement changed. In a motion filed on Thursday, the company argued that the jury did not find Dow liable for transactions before 24 November 2000.
Therefore, Dow should receive a judgement in favour of those older transactions, the company said.
Also, Dow alleged that the jury's verdict did not support a judgement in favour of the customers and against Dow. As a result, Dow wants this wording removed from the judgement.
In an accompanying memorandum of law, Dow alleges that the jury never decided customer-specific damages for the transactions made after 23 November 2000. As a result, Dow wants a new trial, so a jury could determine which customers are entitled to damages.
Regarding the tripling of the $400m verdict, Dow said this was not done properly because the judgement tripled a lump sum, not the individual damages of each plaintiff.
($1 = €0.76)
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