Carthage, Missouri – Leggett & Platt Incorporated has reached a “tentative agreement” to settle the polyurethane foam direct purchaser class portion of ongoing antitrust cases for $39.8m (EUR29.9m).
Although the company denies all allegations, it seeks a settlement resolution to avoid the uncertainty, expense and distraction of litigation, the company said.
According to a press release on the company website, the claim is partially related to the former Prime Foam Products business, which was sold in the first quarter of 2007.
“Approximately one-quarter of the charge is expected to be reflected in discontinued operations," the release stated.
It continued: “As previously disclosed, Leggett & Platt, along with many other companies, is a defendant in a series of civil antitrust lawsuits involving the sale of polyurethane foam.
“The company has agreed to pay a total amount of $39.8m, including plaintiff attorneys' fees and costs."
Leggett remains a defendant in other previously disclosed antitrust cases involving the sale of polyurethane foam.
The company believes the remaining cases collectively represent lower total sales of polyurethane foam from Leggett & Platt than in this settlement, which is subject to court approval.
XE Currency conversion: 22 August, 2014