Dow Chemical Company 48.74,0.64,1.33% Friday said, has agreed to pay $8.35 billion, to settle up with 10 year long litigation, but denied that he had conspired to raise chemical polyurethane raw materials prices.In 2005, Dow Chemical and BASF, Huntsman and so on a number of chemical companies suffered a class action lawsuit, accused of manipulating the prices of PU (polyurethane), this material was used to produce a series of chemical products. In 2013, the Kansas a jury will decide the case on the Dow punishable by a fine of $4 billion, the company to appeal the decision, but was a federal judge will be fine amount will be increased two times to $12 billion.
After the Dow appealed again, the penalty amount was reduced to $1 billion 60 million. But the Dow still refuses to accept the decision, and continue to appeal.The company in a statement Friday, said: "although the Dow agreed to settle the case, but still insists that he did not participate in any conspiracy."Over the years,they have developed EPS recycling and devoted into styrofoam densifier and so on.