A Kansas federal judge approved an $835 million settlement between Dow Chemical and a customer class alleging it fixed prices on a foam product ingredient, overruling objections by PMC Global Inc.
The court rejected PMC Global’s argument that a February 2013 award that didn’t include damages for purchases made prior to November 2000 should not be dispositive on the issue, but merely one factor to consider. The judge said he was unpersuaded that PMC Global’s claims for that time period have value for purposes of an allocation of the settlement fund. He also noted that the verdict was not appealed.
The court proceeded to praise plaintiffs’ counsel, acknowledging that fees at the “top end of the range” were warranted:
“All cases present unique circumstances, but it is difficult to imagine a case in which an award at the highest percentage would be more appropriate than in this case,” he wrote. “Counsel achieved an incredible result for the class, in a case with an extreme amount of risk at all stages of the litigation, and they obtained that result because they won what is reported to be one of the largest verdicts of its kind in United States history.”
The full article can be read here.