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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.