Wellman Settles Polyester Claims

Pending approval in court, Wellman says it will pay $8 million to settle remaining claims against the firm for fixing prices of polyester staple fiber between 1999 and 2001. Alhough Wellman is settling the current claim and earlier paid $24 million to settle with another group of fiber buyers, it denies it has done anything wrong and says it is settling to limit litigation costs. Wellman has cooperated with a Justice Department investigation into polyester staple price-fixing since 2001 and last year was notified that it was a target of a grand jury investigation.