Three of the largest containerboard manufacturers in the United States have reached a settlement in regards to a class action lawsuit claiming they fixed finished products prices.
The three companies settling, Georgia-Pacific Corp., International Paper, and Weyerhaeuser, agreed to the settlement without pleading guilty of the charges.
The class action lawsuit was filed four years ago. Under the agreement, submitted Sept. 23 to the U.S. District Court in Philadelphia for preliminary approval, the companies agreed to paying fines of between $21 million for Georgia-Pacific, Weyerhaeuser, $23 million; and International Paper, $24 million.
"Based on a careful review of the evidence, we are convinced that Georgia- Pacific did nothing wrong and would not be liable for any damages in this action," said James F. Kelley, Georgia-Pacific executive vice president and general counsel. "We are settling this case because there is always risk when a class is certified in a case in which multiple defendants have been sued for treble damages. Unfortunately, even blameless defendants are sometimes forced to settle such cases."
The class action was filed in 1999 against several containerboard and packaging manufacturers by purchasers of corrugated sheets and containers, and relates to alleged actions of the defendants from 1993 to 1995.Latest from Recycling Today
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