Home Business Dow Chemical Agrees to Pay $835 Million for Price Fixing Scam

Dow Chemical Agrees to Pay $835 Million for Price Fixing Scam

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Dow Chemical agreed to pay $835 million to settle a class action lawsuit after determining the death of Supreme Court Justice Antonin Scalia made victory less likely.

The payment is less than the $1.06 billion a court in Kansas ordered it to pay in 2013.

Dow Chemical was hoping the Supreme Court would overturn the ruling, but the death of Justice Antonin Scalia left it evenly split between conservatives and liberals.Dow Chemical settlement

A split decision in the Supreme Court reverts to the lower court’s ruling.

Dow Chemical said in a statement that it settled because of the “increased likelihood for unfavorable outcomes”.

The company said it still believed the original verdict was “fundamentally flawed,” but felt settling was in the best interest of shareholders.

In 2015, Dow Chemical announced plans to merge with competitor DuPont in a $130 billion deal.

 

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

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