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.
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