Judge Approves $6.5 Million Settlement In Sorbates Price-Fixing Case, Berman DeValerio Announces.Business Editors/Legal Writers SAN FRANCISCO--(BUSINESS WIRE)--Nov. 21, 2002 Pact Ends Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. That Recovered $96.5 Million for Purchasers of Food Additive A federal judge has approved a $6.5 settlement against a Japanese chemical company accused of fixing sorbates prices, ending four years of litigation on behalf of purchasers of the widely used food preservative preservative Any of numerous chemical additives used to prevent or slow food spoilage caused by chemical changes (e.g., oxidation, mold growth) and maintain a fresh appearance and consistency. Antimycotics (e.g. . The settlement by Ueno Fine Chemicals Industry, Ltd. brought to $96.5 million the amount purchasers recovered from six international sorbates producers, said Berman DeValerio Pease Tabacco Burt & Pucillo, a law firm representing plaintiffs. "We are pleased that we were able to return to class members the money they were overcharged," said Joseph J. Tabacco, Jr., managing partner of Berman DeValerio's San Francisco office. "We were able to negotiate a very substantial settlement, despite an extraordinarily longstanding and secretive conspiracy." Judge Maxine M. Chesney signed the order Nov. 15. The class action covered anyone who directly purchased various sorbates additives from 1979 through the end of 1997. Berman DeValerio chaired the executive committee representing plaintiffs in the case. Plaintiffs charged the six defendants - one U.S. producer, a German company and four Japanese manufacturers - with meeting secretly for nearly 20 years to set prices in violation of federal antitrust laws antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... . The group eventually controlled some 95% of the international market for sorbates, including sorbic acid sorbic acid /sor·bic ac·id/ (sor´bik) a fungistat used as an antimicrobial inhibitor in pharmaceuticals. sor·bic acid n. and potassium sorbate. The other defendants in the case were Hoechst A.G. of Germany; Eastman Chemical Company Eastman Chemical Company is a United States based chemical company, engaged in the manufacture and sale of chemicals, plastics and fibers. Eastman has 16 manufacturing sites in 10 countries, supplying its products throughout the world. of the United States; and Nippon Gohsei Industries, Ltd., Daicel Chemical Industries, Ltd., and Chisso Corporation of Japan. Berman DeValerio Pease Tabacco Burt & Pucillo (www.bermanesq.com) prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law antitrust law Any law restricting business practices that are considered unfair or monopolistic. Among U.S. laws, the best known is the Sherman Antitrust Act of 1890, which declared illegal “every contract, combination…or conspiracy in restraint of trade or violations and consumer fraud. The firm consists of 36 attorneys in Boston, San Francisco and West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. . |
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