Federal Way, WA, Mar. 9--Weyerhaeuser Co. on Tuesday said it has agreed to pay $34.5 million to settle an antitrust case and expects to take a first-quarter charge.
The company, which is not admitting any liability, forecast a first-quarter charge of $23 million, or ten cents a share, for the settlement of the lawsuit, which alleged that Weyerhaeuser had monopoly power, or attempted to gain monopoly power, in the Pacific Northwest market for alder saw logs and finished alder lumber.
The lawsuit, filed in U.S. District Court in Portland, Oregon, alleged damages exceeding $100 million.
Weyerhaeuser is also a defendant in two similar antitrust cases that are scheduled to go to trial on May 11 and June 1, respectively, the company said in a statement.
In addition, the company has filed an appeal with the U.S. Court of Appeals for the Ninth Circuit in an attempt to overturn a verdict against it in another alder-related case. It took a first-quarter charge last year of $52 million, or 23 cents a share for that case.
