Shrewsbury, NJ, June 16--Wellman Inc on Wednesday said it would record a pretax charge of $24 million in the 2005 second quarter to cover the cost of a lawsuit settlement.
Wellman said it has entered into a settlement with 33 purchasers of polyester stable fiber who had accused the company of price fixing in North America between 1999 and 2001. The Shrewsbury, New Jersey company said it also agreed for a limited time to increase the settlement amount if it settles similar claims for a greater amount.
