Huntsman pay $ 33 million settle isocyanates price-fixing suit

Huntsman to pay $ 33 million to settle isocyanates price-fixing suit

2:49 PM, 17th June 2011
Huntsman to pay $ 33 million to settle isocyanates price-fixing suit

HOUSTON, US: Huntsman had no comment on Tuesday regarding its proposal to pay $ 33 million (€ 23 m) to settle a US class-action lawsuit, which accused the company of fixing prices on isocyanates and other feedstock for polyurethane foam. In proposing the settlement, Huntsman denied the allegations made in the lawsuit, the isocyanate customers said in court documents. Instead, Huntsman chose to settle the lawsuit to avoid the expense of fighting the case in court.

The court still needs to approve the settlement. US-based Huntsman’s proposed payment will represent 1.4 per cent of its sales to the class-action customers during the time covered by the lawsuit, they said. Netherlands-based LyondellBasell has also proposed settling the lawsuit, the customers said. However, it would pay nothing.

“As we said from day one, Lyondell did not engage in any unlawful conduct as alleged in this suit,” said David Harpole, Spokesman.

© ICIS Newso suit

 

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