Chemicals company to pay $107 million in price-fixing suit
A Dallas chemicals company will pay $107 million to textile companies, including some in the Carolinas, to settle a price-fixing case, lawyers announced Friday.
In the federal lawsuit, 22 textile companies alleged that Hoechst Celanese Corp., its affiliated entities and other major suppliers of polyester staple fiber had conspired to fix prices.
Polyester staple fiber is spun into yarn to make clothing, carpets, curtains, upholstery and other textiles.
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The company agreed to the settlement in June, shortly before a trial began, according to a press release from Nexsen Pruet, a Columbia law firm that represented 17 N.C., S.C. and Georgia textile and carpet companies.
As the lead firm in the case, Nexsen Pruet secured $56 million for its clients and $51 million for clients represented by other firms.
The firm had previously settled related lawsuits and claims against four alleged conspirators: DuPont, Arteva Specialties, Wellman Inc. and Nan Ya Plastics Corp. of America.