|
The
settlement to resolve the $1.06 billion judgment against Dow
imposed in 2013, comes nearly a year after both sides abruptly
backtracked from a previous agreement to resolve the case.
"While Dow is settling this case, it continues to strongly
believe that it was not part of any conspiracy and the judgment
was fundamentally flawed as a matter of class action law," the
company said in a statement on Friday.
Dow has argued that the Supreme Court's judgment against the
company violates class action law in multiple ways, particularly
with respect to a ruling in 2011 favoring Wal-Mart Stores Inc <WMT.N>
and a 2013 ruling favoring Comcast Corp <CMCSA.O>.
Several companies, including Dow, had been accused by customers
in a 2005 lawsuit of conspiring to fix prices of urethane
chemicals in the preceding six years.
Dow was the only defendant not to settle and was found liable in
February 2013 by a federal jury in Kansas for $400 million in
damages.
That sum was tripled under antitrust law to $1.2 billion, and
then reduced to $1.06 billion plus interest because of other
settlements.
(Reporting by Anet Josline Pinto in Bengaluru; Editing by Savio
D'Souza)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
