Louisiana-Pacific Corp., Nashville, TN, reached a settlement with building distributors that filed a class-action suit that included the manufacturer. The class-action, filed in 2006, claimed LP and five other manufacturers of Oriented Strand Board kept prices artificially high by conspiring to keep production low in times of high demand.
Under the terms of the agreement, LP will pay $44.5 million into an escrow account for direct buyers of the product. In addition, the company agreed to pay $2.3 million to indirect purchasers of OSB.
LP, which denies any wrongdoing, agreed to the settlement “to limit the risks and costs associated with at least two lengthy jury trials.”
The agreements are subject to court approval.
CEO Rick Frost said: …
Louisiana-Pacific Settles in Pricing Case
Louisiana-Pacific Corp., Nashville, TN, reached a settlement with building distributors that filed a class-action suit that included the manufacturer. The class-action, filed in 2006, claimed LP and five other manufacturers of Oriented Strand Board kept prices artificially high by conspiring to keep production low in times of high demand.
Under the terms of the agreement, LP will pay $44.5 million into an escrow account for direct buyers of the product. In addition, the company agreed to pay $2.3 million to indirect purchasers of OSB.
LP, which denies any wrongdoing, agreed to the settlement “to limit the risks and costs associated with at least two lengthy jury trials.”
The agreements are subject to court approval.
CEO Rick Frost said: …
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