OSB Antitrust Lawsuit

Norbord to pay $32.2 million settlement in class action lawsuit.

OSB Antitrust

New York, NY: (May-05-08) A class action antitrust lawsuit was brought against Norbord Inc., by plaintiffs who purchased Oriented strand board (OSB). In a recent development, company spokespersons stated that the company had agreed to enter into a settlement agreement in the OSB Antitrust Litigation to avoid further costs and reduce the risks that usually accompany protracted litigation. Though Norbord denied the allegations set out in the suit, it agreed to pay $30 million into an escrow account for the benefit of the class, which is comprised of direct purchasers of OSB.

Sources stated that the first payment of $15 million is due on or before Jul. 25, 2008 and the remainder is due on or before Oct. 24, 2008. Apart from that, additionally, the company agreed in principle to pay $2.2 million into an escrow account for the benefit of certified classes of indirect purchasers of OSB, resolving all claims in the suit. [RTT NEWS: NORBORD REACHES SETTLEMENT DEAL IN OSB ANTITRUST LITIGATION]

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