MIDLAND (dpa-AFX) - A federal judge asked Dow Chemical Co. (DOW) to pay $1.2 billion in a price-fixing case of urethane, a chemical used to make foam products.
In a class action lawsuit started in 2005, Dow is accused of colluding with competitors BASF SE, Huntsman International LLC and Lyondell Chemical Co., violating the federal law. All other companies settled without admitting any wrongdoing.
Dow sought to overturn a $400 million February verdict, contesting that plaintiffs alleged a longer conspiracy than found by the jury. The company denied the price fixing charges.
U.S. District Judge John Lungstrum refused to overturn the verdict and tripled the damages under U.S. antitrust law.
The stock advanced 1.2 percent to settle at $35.34 on Wednesday, and slid 0.4 percent in the extended trading.
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