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Thu May 16, 2013
Dow Chemical plans to appeal a big class action suit decision
A federal judge has slapped Midland-based Dow Chemical with a billion dollar judgment in a price fixing case. The company allegedly colluded with its competitors to fix the price of urethane.
The collusion allegedly occurred between 1998 and 2003. Urethane is used in automotive, construction, appliance and furniture products.
In February, a jury turned in a 400 million dollar verdict against Dow Chemical. This week, a federal judge tripled the penalty to $1.2 billion.
Dow plans to appeal the verdict. BASF, Huntsman International and Lyondell Chemical Company have already reached out of court settlements with the plaintiffs.
A U.S. Justice Department probe into the matter was closed in 2007. No criminal charges were filed.