Nov. 12, 2007 - UPM said that it has agreed to settle class-action lawsuits raised by direct purchasers of magazine paper and labelstock in the United States

According to UPM, the company will pay US $9 million in compensation to magazine paper customers and US $8.25 million to labelstock customers.

The charge, totaling about EUR 12 million, will be recorded for the last quarter of 2007, UPM said.

Class-action lawsuits filed by indirect purchasers of magazine paper and labelstock are still pending, UPM added.

Class-action lawsuits were raised after the US Department of Justice opened criminal investigations into competitive practices in 2003. The US authorities have since concluded the investigations.

SOURCE: UPM