Dow Chemical fined $1.2b in 2005 price hiking case
The court ordered the fine Wednesday in the so-called polyether polyol cases.
WASHINGTON (AFP) - Dow Chemical has been ordered to pay $1.2 billion to plaintiffs for the price-fixing of urethane chemicals in a case dating back to 2005.
A judge in the US district court in Kansas City, Kansas, ordered the fine Wednesday in the so-called polyether polyol cases, which involved price-fixing by a number of major chemicals producers over 1999-2004.
The judge awarded triple damages to the plaintiffs, as allowed in antitrust laws for tactics that stall court proceedings.
Earlier BASF, Huntsman International and Bayer settled the accusations in the class-action suit by buyers of the chemicals, each paying a fraction of the Dow Chemical fine while denying the charges.
BASF s settlement was $51 million, Huntsman paid $33 million, and Bayer $55 million.
