Uralkali Settles $13 mln in U.S. anti-trust claims
MOSCOW. Sept 21 (Interfax) - Uralkali has settled $13 million in anti-trust claims in the United States.
The Russian potash miner said in a statement that on September 20, it signed settlement agreements to exit the U.S. antitrust case. The agreements were signed with direct and indirect plaintiffs for $10 million and $2.75 million respectively and will come into effect after final approval of the U.S. federal district court for the Northern District of Illinois.
In September 2008 potash consumers brought civil antitrust complaints in the U.S. federal courts against Uralkali and BPC, as well as certain other potash producers, including Belaruskali, Potash Corp, Mosaic, Agrium and Silvinit. The complaints alleged price fixing violations of the U.S. Sherman Act since July 1, 2003.
Under the settlement agreements, Uralkali would be released from any liability in connection with the plaintiffs' claims. BPC as a defendant would be also released as well as other Uralkali and Silvinit traders - IPC and Uralkali Trading SA. Uralkali did not admit any liability in the settlement agreements. We believe that these settlements are in the best interest of the Company to avoid the burdens, costs and distraction of protracted litigation.