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J.M. Huber has agreed to a $2 million settlement in a class action lawsuit that accuses OSB (Oriented Strand Board) producers of artificially inflating the price of their products. At an Aug. 14 hearing in the U.S. District Court in Philadelphia, there were no objections to the proposed settlement, clearing the way for Huber’s formal exit from the case in 90 days.
In a statement filed with the court, Huber vigorously denies the charges. The Charlotte, N.C.-based wood products producer agreed to the settlement “solely to avoid further expense and inconvenience as well as the distraction and uncertainties of extremely burdensome litigation,” the company said in a prepared statement.
The antitrust case, filed in February 2006, was granted class-action status on Aug. 3. The $2 million settlement, payable to individuals or businesses who purchased OSB between June 1, 2002, to March 5, 2007, will be held in an escrow account until the entire case is resolved. Other defendants named in the lawsuit are Louisiana-Pacific, Weyerhaeuser, Ainsworth Lumber, Norbord Industries, Potlatch, Tolko Industries and Grant Forest Products.