3M Settles Antitrust Suit For $28.8M

By Bailey Somers

Law360, New York (August 24, 2006, 12:00 AM ET) -- Office supplies maker 3M Co. has agreed to pay $28.8 million to settle charges that the company established an illegal monopoly in the market for transparent tape.

Thursday’s settlement, which will also include an additional $7.5 million in legal fees, will bring an end to a class action antitrust lawsuit filed in 1999. 3M said that it is working toward a settlement in a second, similar antitrust suit.

Both suits were filed after a jury returned a $68 million verdict in a case brought against 3M...
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