Uralkali reports that it has signed settlement agreements to exit the U.S. potash antitrust case. The agreements were signed with direct and indirect plaintiffs for US$10 million and $2.75 million respectively and shall come into effect after final approval of the U.S. District Court for the Northern District of Illinois.
In September 2008 potash consumers brought civil antitrust complaints in the federal court against Uralkali and BPC, as well as certain other potash producers, including Belaruskali, Potash Corp. of Saskatchewan Inc., The Mosaic Co., Agrium Inc. and Silvinit. The complaints alleged price fixing violations of the U.S. Sherman Act since July 1, 2003.
Under the settlement agreements, Uralkali said it would be released from any liability in connection with the plaintiffs’ claims. BPC as a defendant would be also released as well as other Uralkali and Silvinit traders – IPC and Uralkali Trading SA. Uralkali did not admit any liability in the settlement agreements. It said it believes these settlements are in the best interest of the Company to avoid the burdens, costs and distraction of protracted litigation.