Chemical Maker Settles Price- Fixing Lawsuit for $10M

posted on:
August 16, 2007

author:
Staff

category:
Environmental

Specialty chemicals maker Cabot Corp. has agreed to settle the federal class action lawsuits pending against the company that alleged it and other carbon black manufacturers violated antitrust laws in setting prices for carbon black sold in the United States.

According to a filing with the Securities and Exchange Commission, Cabot's share of the settlement cost is $10 million.

As usual, Cabot denied any wrongdoing of any kind. It even claimed it had "good defenses to these claims."

The settlement agreement is subject to court approval. Boston, Massachusetts-based Cabot will apparently continue to defend the remaining antitrust lawsuits pending against it.

There are suits pending in several state courts brought by purported classes of purchasers of carbon black, and a single federal case brought by a single party that did not join the federal class action.

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