Canada, Abitibi Reach $123M Deal In NAFTA Row

Law360, New York (August 24, 2010, 5:55 PM EDT) -- The Canadian government will pay AbitibiBowater Inc. more than $120 million to settle the bankrupt newsprint company's free trade claim over the alleged illegal expropriation of its assets in the province of Newfoundland and Labrador, the company announced Tuesday.

The CA$130 million settlement ($122.5 million) resolves Abitibi's CA$500 million ($472 million) claim over a bill passed by the province's government to seize some of the company's property in the wake of its announcement of expected cuts.

"We believe this is an acceptable settlement for our company,...
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