Volume 86 Issue 25 | p. 17 | Concentrates
Issue Date: June 23, 2008

Celanese Settles Legacy Lawsuit

Department: Business

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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