US: Masco Corp has agreed to pay US$75m to settle a massive price-fixing case in the US. The settlement was agreed on the eve of a trial in US District Court in Atlanta to settle the antitrust class action with 369 independent fibreglass insulation contractors who are the company's competitors in the insulation installation business.
Masco's settlement augments an earlier US$37m settlement with four other fibreglass insulation manufacturers - Johns Manville, CertainTeed Corp, Knauf Insulation and Guardian Fiberglass Inc - who were accused of colluding with Masco and had also been named as defendants in the suit. Another manufacturer, Owens Corning, filed for bankruptcy protection before the suit was filed and was not named as a defendant.
In a news release Masco said that it has reached 'an agreement in principle' to settle the litigation. "While we continue to deny that the challenged conduct was unlawful and we do not admit to any wrongdoing this business decision eliminates the considerable expense and uncertainty of continued litigation and is in the best interest of the company and its shareholders."