Cabot Settles Class Action Lawsuits
Class Action News
Specialty chemicals maker Cabot Corp. said Wednesday it agreed to settle the federal class action lawsuits pending against it that alleged it and other carbon black manufacturers violated antitrust laws in setting prices for carbon black sold in the United States.
In a filing with the Securities and Exchange Commission, Cabot said its share of the settlement cost is $10 million. Cabot also denied any wrongdoing of any kind, and said it "strongly believes that it has good defenses to these claims."
The company said it agreed to the settlement to avoid further expense, inconvenience, risk and the distraction of protracted litigation.
The settlement agreement is subject to court approval.
Boston-based Cabot said it will continue to defend the remaining antitrust lawsuits pending against it. There are suits pending in several state courts brought by purported classes of purchasers of carbon black, and a single federal case brought by a party that did not join the federal class action.
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