Otter Tail Agrees to Additional $30M Settlement in PVC Pipe Antitrust Case
OTTR sits 17% above its 52-week low of $74.15.
Summary
Otter Tail Corp has agreed to pay an additional $30 million to settle claims from one plaintiff group in the ongoing PVC pipe antitrust litigation. This settlement, which is subject to final court approval, follows a recent 8-K filing today and adds to the $73.5 million in antitrust settlements announced on May 29th. The $30 million payment represents a direct cash outflow for the company, increasing the total cost of the litigation. While it resolves claims from the End-User Purchaser class, the broader antitrust litigation remains unresolved.
At the time of this announcement, OTTR was trading at $87.00 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $3.6B. The 52-week trading range was $74.15 to $92.24. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.