Issue Date: July 12, 2004
Wellman hit in pricing probe
Wellman says it has received a letter from the Department of Justice that identifies it as a target in a grand jury investigation of price fixing in the polyester staple fiber industry. According to the letter, lawyers from the Dallas field office of the department's antitrust division are seeking authority to present an indictment to the grand jury. Wellman and other polyester producers have been cooperating with the Justice Department's investigation since January 2001. Wellman denies that it or any of its employees engaged in price fixing and says it plans to "vigorously defend any action that may be brought against it."
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