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US: Judge approves settlement funds in steel antitrust lawsuit

 |  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.

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.”

Full content: USGNN

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