Norbord Inc has reached a US$30m agreement in the US OSB anti-trust litigation involving most of North America’s OSB producers.In a May 5 statement, Toronto-based Norbord said it had agreed to the settlement with the certified class of direct purchasers of OSB to limit the risks and costs of a prolonged trial. Norbord has vigorously contested the plaintiffs’ allegations and denies it violated US law.
Under the terms of the settlement, which is subject to court approval, a first payment of US$15m is due by July 25, 2008 and the remainder by October 24. Norbord has also reached an agreement in principle to pay US$2.2m into an escrow account for the class of indirect purchasers of OSB.