A PYMNTS Company

US: Judge approves settlement funds in steel antitrust lawsuit

By  |  October 22, 2015

Monday, Judge James B. Zagel in the United States District Court for the Northern District of Illinois Eastern Division approved the distribution of settlement funds for 1,857 claims totaling just under $103.7 million. The class of claimants includes parties that purchased product from five of eight steel manufacturers alleged to have conspired in price-fixing a decade ago.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    In 2008, Pennsylvania-based Standard Iron Works and four other companies filed a lawsuit alleging U.S. Steel and ArcelorMittal conspired with six other domestic steel manufacturers “to manipulate the supply and price of steel products sold in the United States,” according to court documents. The plaintiffs alleged that, from April 1, 2005 to December 31, 2007, the eight steelmakers “conspired to restrict their output, thereby increasing the prices they were able to charge for steel products.”

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Full content: USGNN

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.