CIMCO Dodged $23M Antitrust Verdict: Lincoln Electric

Law360, New York (January 27, 2010, 4:30 PM EST) -- Lincoln Electric Co. has lodged a putative class action accusing the former head of Columbia Iron & Metal Co. of selling the company's assets to another of his own companies to avoid paying a $23 million jury verdict for antitrust violations in the scrap metal market.

David P. Miller, who owned the former CIMCO as well as scrap metal processing firm Mercer Co., transferred CIMCO's assets to Mercer to create the false impression that CIMCO lacked the assets necessary to pay the damages, according to the...
To view the full article, register now.