The commodity pricing service named in an August 2024 lawsuit because the platform PVC pipe makers used to conspire to overcharge pipe patrons has denied wrongdoing, agreed to settle and mentioned it will cooperate with ongoing litigation.
The category motion lawsuit alleges that 10 main PVC producers “conspired and mixed to repair, elevate, preserve and stabilize” the value of PVC pipe in america by coordinating value will increase through OPIS, which beforehand revealed each day costs and market tendencies. OPIS was additionally named a defendant within the lawsuit.
Now, to keep away from the price and uncertainty of litigation, OPIS has agreed to pay $6 million, in keeping with a Reuters report which listed settlement phrases.
MDM‘s (free) Digital Information Analytics Summit coming June 18 – Register Right here!
“Attorneys for patrons who procured pipe instantly from one of many defendant producers mentioned they plan to amend their lawsuit based mostly on OPIS’ cooperation to broaden the scope of the alleged conspiracy,” Reuters reported.
Within the class motion lawsuit, three main PVC pipe distributors — Core & Principal, Ferguson and Fortiline Waterworks — had been named as co-conspirators, although not as defendants.
A Core & Principal spokesperson informed the Monetary Instances in December 2024 that it was “unaware of any value fixing, that any suggestion of its involvement was baseless and that ‘honesty and integrity are a part of our core ideas.’”
The OPIS settlement seems to be simply the primary decision for the lawsuit as an entire. MDM will monitor the state of affairs for any additional fallout.
Subscribe to MDM’s free Replace e-newsletter to by no means miss distribution-related information.
The publish First PVC Value Fixing Settlement Awards $6M to Consumers appeared first on Fashionable Distribution Administration.
