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Huntsman to pay USD 33 mln in lawsuit

June 08/2011

(ICIS) -- Huntsman had no comment on Tuesday regarding its proposal to pay USD 33m (EUR 23m) to settle a US class-action lawsuit, which accused the company of fixing prices on isocyanates and other feedstock for polyurethane foam. In proposing the settlement, Huntsman denied the allegations made in the lawsuit, the isocyanate customers said in court documents. Instead, Huntsman chose to settle the lawsuit to avoid the expense of fighting the case in court. The court still needs to approve the settlement.

US-based Huntsman's proposed payment will represent 1.4% of its sales to the class-action customers during the time covered by the lawsuit, they said.

Netherlands-based LyondellBasell has also proposed settling the lawsuit, the customers said. However, it would pay nothing.

The lawsuit was filed in 2004, and it accused Huntsman, Bayer, BASF, Dow Chemical and LyondellBasell of fixing prices. The complaint covered propylene oxide (PO) based polyether polyols; methyl di-p-phenylene isocyanate (MDI); and toluene di-isocyanate (TDI) that were purchased from 1 January 1999 through 31 December 2004.

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