Plaintiffs’ firms that represented direct purchasers of drywall in price-fixing litigation will get one-third of a US$190 million settlement, a federal court ruled July 17.
“Very few precedents have awarded this percentage amount in antitrust and securities cases,” Judge Michael M. Baylson wrote for the US District Court for the Eastern District of Pennsylvania.
The award is justified by the attorneys’ “outstanding success” and “imaginative” performance on class issues, the court said. Big-box retailers such as Home Depot and Lowe’s Home Centers and homebuilders benefited from the settlement. Class members are guaranteed a minimum pay out of US$250.
The deal resolved claims by companies involved in the distribution and resale of drywall that American Gypsum, Eagle Materials, New NGC, and PABCO Building Products conspired to fix drywall prices.
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