BOSTON (June 14) — Cabot Corp. said it will pay $10 million to settle the federal class action lawsuit pending against it over alleged carbon black price-fixing.
The action claims Cabot and other carbon black manufacturers violated antitrust laws in setting prices for carbon black sold in the U.S.
Cabot revealed the settlement charge in a filing with the Securities & Exchange Commission, in which it denied any wrongdoing in the case. The firm said it wants to avoid the future expense, rise and distraction of protracted litigation.
The agreement is subject to court approval.
Cabot said it will continue to defend itself against other antitrust lawsuits pending against it. Some brought by plaintiffs who said they were indirect purchasers of carbon black are in state courts, and another is in federal court, filed by a party that didn't join the federal class action.