Ferro Corp.

Cleveland, OH: (Jul-20-07) A class action lawsuit was brought against Cleveland, Ohio-based chemicals and coatings company, Ferro Corp., by direct purchasers, related to alleged antitrust violations in the heat stabilizer industry. The lawsuit was filed along with two other actions after the US Department of Justice requested documents from the company in 2003 in connection with its investigation into possible antitrust violations. Ferro said in April 2006, the Department of Justice notified the company that it had closed its probe. The Department of Justice also took no action against the company or any of its current or former employees. In a settlement reached, Ferro agreed to make a $6.25 million reserve for a $5.5 million payment to the direct purchasers and a $750,000 payment to PolyOne Corp., which opted out of the class of direct purchasers and entered into a separate settlement agreement with the company. [HOUSTON CHRONICLE: FERRO ANTITRUST]

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Published on Jul-23-07