Funds From Price-Fixing Suit Go To GWU

Law360, New York (July 16, 2007, 12:00 AM EDT) -- In an unusual application of the cy pres doctrine, $5 million in unclaimed funds left over from the hefty sum a group of chemical companies shelled out to settle price-fixing charges has been handed to the George Washington University Law School for the creation of its Center for Competition Law.

Although the defendants in the case—among them Akzo Nobel Chemical BV, Atofina Chemicals Inc., Clariant Corp., Hoechst Celanese Corp. and Sanofi-Aventis—tried to recover the extra funds, Judge Colleen Kollar-Kotelly of the Washington, D.C. district court on...
To view the full article, register now.