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Weyerhaeuser Settles Containerboard Antitrust Cases

Wednesday, January 04, 2006

Press release from the issuing company

FEDERAL WAY, Wash., Dec. 27 -- Weyerhaeuser Company today announced it has reached agreements to settle all the remaining "opt out" cases in the linerboard antitrust litigation except for one plaintiff who had purchased small amounts of corrugated containers from Weyerhaeuser. Weyerhaeuser said the settlements will result in an after-tax charge of $25 million, or 10 cents per share, in the fourth quarter. "Although these lawsuits were without merit, we determined that settling them was in the best interests of our shareholders given the complexity, time and cost of litigation, and uncertainty of court proceedings," said Claire S. Grace, secretary and acting general counsel. In 2003, Weyerhaeuser settled the class action portion of two civil antitrust lawsuits filed in May 1999 against several major containerboard and packaging producers. The current settlements deal with cases brought by customers who elected to "opt out" of the class and pursued litigation on their own. The complaints alleged that Weyerhaeuser and other companies conspired to fix or manipulate the price of linerboard and thereby the prices of corrugated sheets and corrugated containers which are made from linerboard.

 

 

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