LegalMay 29, 2026, 10:53 AM
Otter Tail Settles Two PVC Pipe Antitrust Lawsuits for $73.5M
AI Summary
Otter Tail Corp announced it has entered into settlement agreements with two of the three putative classes, the Direct Purchaser Class (DPPs) and the Non-Converter Seller Purchaser Class (NCSPs), in the ongoing PVC Pipe Antitrust Litigation. The company's subsidiaries, Northern Pipe Products, Inc. and Vinyltech Corporation, will pay an aggregate of $73.5 million into settlement funds, subject to court approval. The company stated that resolving these claims is in its best interest, reducing uncertainty and costs, and does not anticipate a material adverse effect on its financial position or liquidity, though claims from the End-User Class (EUPs) remain pending.
Key Highlights
- Otter Tail Corp subsidiaries agreed to pay $39.5 million to resolve claims from Direct Purchaser Class (DPPs).
- Otter Tail Corp subsidiaries agreed to pay $34.0 million to resolve claims from Non-Converter Seller Purchaser Class (NCSPs).
- Total settlement amount for DPPs and NCSPs is $73.5 million.
- Claims from the End-User Class (EUPs) remain pending.
- Settlement payments are expected to be made approximately 21 days after preliminary court approval.
- The company anticipates using available cash to fund the settlement payments.
- The settlements are not expected to have a material adverse effect on the company's financial position or liquidity.
- The company does not admit any wrongdoing, fault, or liability.
Price Impact
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