Paper Company Pays $17M To Settle Allegations

Law360, New York (November 12, 2007, 12:00 AM EST) -- Magazine-paper maker UPM-Kymmene has agreed to pay $17 million to settle a class action lawsuit alleging it participated in a cartel to set the price of publication paper.

The company will record the charge for the last quarter of 2007, UPM said. The settlement only includes the direct purchaser plaintiffs – not indirect purchasers.

UPM said it will pay the label-stock plaintiffs $8.25 million and an additional $9 million to the magazine-paper plaintiffs.

The Finland-based company announced the settlement Monday. No documents regarding the settlement have...
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