Smurfit-Stone settles antitrust cases; increases 3Q losses: companies to pay $92.5 million.
Official Board Markets, November, 2003
Smurfit-Stone Container Corp. reaches an agreement to settle the antitrust class action cases pending against the company, Stone Container Corp. and Jefferson Smurfit Corp. (U.S.), which are based on allegations of a conspiracy among containerboard manufacturers in 1993-95. The companies will make aggregate settlement payments of $92.5 million. Although the exact amounts to be paid by the subsidiaries remain subject to final calculation, Smurfit-Stone believes that Stone Container Corp. will pay approximately $56.5 million mad Jefferson Smurfit Corp. will pay approximately $36 million. One half of the amounts are to be paid in December 2003 and the remainder in January 2005. The settlement is subject to court approval following the usual notice and hearing process....
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