Kansas City, Kansas - Dow Chemical Co. has been ordered to pay $400 million after being found guilty of fixing the price of chemicals used to make urethane foams.
Dow was one of several defendants named in a class-action lawsuit alleging conspiracy to fix chemical prices between 1999 and 2003, at a time when there was excess demand in the industry.
Though the other defendants, including Bayer AG, BASF SE, Huntsman International and Lyondell Chemical Co., chose to settle without admitting wrongdoing, Dow went to trial in Kansas City in January.
After a four-week trial, the jury found liability against Dow and awarded plaintiffs $400 million, less than the $1.125 billion damages they sought, Dow said.
A Dow spokesperson told UTI that although the company is disappointed that the jury found price-fixing conduct during part of the time frame - an allegation that Dow continues to deny - "we are pleased that the jury recognised the class claim was not proven."
She added, "Dow believes that the jury verdict rejected the class claim and there are compelling post-trial motions that will be filed and addressed by the court."
Dow said it is evaluating all of its options, including appeal.
LMH
