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Environment
Celanese Settles Legacy Lawsuit
June 23, 2008
| A version of this story appeared in
Volume 86, Issue 25
Celanese has agreed to pay $107 million to settle claims that it participated in a scheme to fix U.S. prices for polyester staple fiber. About 30 textile mills charged that Celanese had engaged in anticompetitive behavior prior to 1998, when the firm sold its polyester fiber business to Koch Industries. Celanese says the settlement resolves a "substantial portion of the company's potential exposure" to legacy polyester fiber claims. Celanese was spun out of Hoechst in 1999 and retained its polyester price-fixing liabilities.
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