27 August 2013 22:27 [Source: ICIS news]
HOUSTON (ICIS)--Dow Chemical filed an appeal of a $1bn (€750m) judgment against the company in an isocyanates price-fixing lawsuit, the US-based producer said on Tuesday.
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.
The amount was later lowered by $140m.
Dow has since filed a notice of appeal to the Tenth Circuit Court of Appeals, the company said. "Dow has always denied plaintiffs' allegations of price fixing and continues to defend this case vigorously."
($1 = €0.75)
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