Dow Chemical in the United States fined 1.2 billion USD for alleged price manipulation
Release Time:
2013-05-17 18:47
Source:
Global Times
According to foreign media reports, based on a court document, on the 15th, a state judge in Kansas ordered the American company Dow Chemical to pay a fine of 1.2 billion USD to compensate for losses caused by illegal pricing in various chemical products.
Dow Chemical is a major American chemical company producing many chemical raw materials. In 2005, it and several other companies became defendants, mainly due to manipulating the prices of carbamate chemical raw materials, which are used to produce a series of chemical products. So far, Dow Chemical is the only company that has not settled this case. In January this year, Dow Chemical appeared in Kansas for trial, and in February, after the judge found it had manipulated carbamate prices, it was ordered to pay 400 million USD in compensation.
On the 15th, U.S. District Judge John, based on U.S. antitrust law, rejected Dow Chemical's request to overturn the February ruling and increased the compensation amount to three times the original, currently 1.2 billion USD.
Dow Chemical's lawyer David stated that he will request to transfer the case to a higher court for review, arguing that the formula experts used to calculate pricing is unreliable. A Dow Chemical spokesperson said the company hopes to change the ruling. Dow Chemical has consistently denied the plaintiff's allegations of price manipulation.
However, the plaintiff's defense lawyer Goldberg expressed satisfaction with the verdict. Goldberg said the judge found that this pricing caused about 400 million USD in losses to thousands of companies in the United States.
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