5 Apr 2005
Wilmington Delaware--DuPont Dow Elastomers LLC is proposing a $25.4 million settlement with purchasers of EPDM rubber from Jan. 1, 1997-Dec. 31, 2001, to settle a class action lawsuit pending against it for price-fixing.
The firm disclosed the settlement proposal in legal ads. The court hearing the suit, the U.S. District Court for the District of Connecticut, has scheduled a hearing for May 20 to determine whether the proposed settlement and plan of allocation are fair, reasonable and adequate, the settlement document said.
The document also states DuPont Dow will cooperate in prosecuting claims against the remaining defendants in the class action suit.
DuPont Dow earlier set aside $36 million in an escrow fund to settle a number of civil lawsuits against it pertaining to alleged price-fixing of polychloroprene.
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