TORONTO, ON — Norbord Inc., an international producer of wood-based panels, on May 5 announced that it has reached a settlement agreement in the OSB Antitrust Litigation to limit the risks and costs associated with a prolonged trial, according to Building Online. The company has vigorously contested the plaintiffs’ allegations and vehemently denies that it violated U.S. Antitrust or any other laws.
Under the terms of the settlement agreement with the certified class of direct purchasers of OSB, Norbord will pay $30 million into an escrow account for the benefit of the class, subject to possible opt outs. A first payment of $15 million is due on or before July 25, and the remainder is due on or before October 24. The settlement agreement is subject to court approval.
Norbord has also reached an agreement in principle to pay $2.2 million into an escrow account for the benefit of certified classes of indirect purchasers of OSB. The final settlement agreement with the indirect purchasers will be subject to court approval.
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