UPM has agreed to settle class-action lawsuits raised by direct purchasers of magazine paper and labelstock in the United States
Press release from the issuing company
UPM, Helsinki, November 12, 2007 - UPM has been named as a defendant in multiple class-action lawsuits raised against magazine paper and labelstock manufacturers in the United States. The company has now agreed to settle the class-action lawsuits raised by direct purchasers of magazine paper and labelstock.
According to the agreement UPM will pay compensation to magazine paper customers in value of 9 million and to labelstock customers of 8.25 million US dollars. The charge, a total of approx. EUR 12 million, will be recorded for the last quarter of 2007.
Class-action lawsuits filed by indirect purchasers of magazine paper and labelstock continue to be pending.
Class-action lawsuits were raised after the US Department of Justice opened criminal investigations into competitive practices in 2003. The US authorities have since concluded the investigations.
WhatTheyThink is the global printing industry's go-to information source with both print and digital offerings, including WhatTheyThink.com, WhatTheyThink Email Newsletters, and the WhatTheyThink magazine. Our mission is to inform, educate, and inspire the industry. We provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today's printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.