18 Apr 2005
San Francisco--Rubber chemicals supplier Flexsys NV and its US affiliate Flexsys America LP are proposing an $18.5-million settlement of class-action suits against them pertaining to alleged price-fixing of rubber chemicals during the period May 1, 1995, to Dec. 31, 2001.
A hearing to determine the merits of the proposed settlement will be held June 21 in San Francisco at the US District Court for the Northern District of California, where the case is being heard, according to a statement issued by the firms.
The settlement, which includes a provision for Flexsys´ cooperation "in prosecuting claims against the non-settling defendants," also includes Flexsys parent Akzo Nobel Chemicals International B.V. and its U.S. affiliate, Akzo Nobel Chemicals Inc. The settlement document does not specify what role Flexsys´ other parent, Solutia Inc., has in the proceedings.
Flexsys in the past has stated it was "not a target of the (Department of Justice) investigation" and didn´t expect to face charges. Akzo and Solutia last year said Flexsys was the subject of as many as 20 purported class-action suits.
In financial filings last year, Solutia said Flexsys has recorded an undisclosed charge against earnings related to litigation expenses.
Press release listing from Flexsys
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