Processing Magazine

Huntsman Company Pays $33 Million to Settle Lawsuit

June 15, 2011

The Associated Press reports, Huntsman International LLC recently agreed to pay the $33 million to settle a lawsuit alleging price-fixing suit filed by several competitors. The lawsuit accused Huntsman International and other companies of antitrust violations by fixing the price of urethane chemicals, used in various products. Republican presidential hopeful Jon Huntsman was a top executive in the family''s business conglomerate for about five of the six years covered by the lawsuit''s allegations. He confirmed Tuesday that he will run for president. Huntsman International admits no wrongdoing, but it agreed to pay $33 million "to avoid the substantial burdens and uncertainties inherent in complex business litigation," said Gary Chapman, vice president for global communications. Huntsman International is a wholly owned subsidiary of Huntsman Corp., which was founded by Huntsman''s father, Jon Sr. The firm, which pioneered the use of plastic containers for food, has made the Huntsman family wealthy.