Midland, Michigan -- Dow Chemical has agreed to pay the opt-out plaintiffs $400m to settle the Urethanes Opt-Out case litigation.
The settlement is estimated to result in net cash payments totaling around $250m, the firm said. The opt-out litigation represents claims from purchasers who elected not to be class members in the previously settled Urethanes Class Action matter.
“Based on the risk assessment and potential outcomes, [we] believe this settlement is the right decision for the company and its shareholders,” Dow Chemical said in a press release.
The press release said: “Although Dow is settling this case, it maintains its position consistent with the position in the class action that the company never agreed with its competitors to fix polyurethane prices at any time.
"In fact, Dow cooperated with an extensive investigation by the US Department of Justice, which closed its investigation in 2007 without taking any or proposing any action against Dow,” it said.