Dow Chemical owes a class of industrial purchasers of polyurethane products more than $1 billion for fixing prices, the 10th Circuit ruled.

The Midland, Mich.-based Dow had been the only manufacturer not to settle allegations that it conspired with Bayer, BASF Corp., Huntsman International and Lyondell Chemical Co., to fix polyurethane prices from 1999 to 2003.

Seegott Holdings, Industrial Polymers and Quabaug Corp. were named as plaintiffs. They alleged that executives for these companies took advantage of a January 1999 depression in the polyurethane market to coordinate “lockstep” price-increase announcements and that they then made stick in individual contract negotiations.

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