Dow Chemical Co. was ordered to pay a $1.2 billion judgment in a urethane price-fixing case after losing its bid to undo a jury's verdict that it violated U.S. antitrust laws.
U.S. District Judge John W. Lungstrum in Kansas City, Kansas, denied Dow Chemical's request to overturn the $400 million February jury verdict. Damages were tripled under U.S. antitrust law.
The case started in 2005 with allegations that Dow plotted with BASF SE (BAS), Huntsman International LLC and Lyondell Chemical Co. in violation of federal law. Only Midland, Michigan-based Dow didn't settle.
Dow denied the price-fixing allegations, maintaining there were legitimate business reasons for the evidence the plaintiffs cited as proof of their claims.
Rebecca Bentley, a Dow spokeswoman, didn't immediately respond after regular business hours to telephone and e-mail requests seeking comment on the $1.2 billion judgment.
The case is In re Urethane Antitrust Litigation, 04-md-01616, U.S. District Court, District of Kansas (Kansas City).