UPM-Kymmene Settles Lawsuits

WESTMONT, IL—UPM-Kymmene has agreed to settle a pair of class-action lawsuits filed by U.S. direct purchasers of magazine paper and labelstock for $9 million and $8.25 million, respectively. The company will take a charge of Euro 12 million for the fourth quarter.

The suits were brought after the U.S. Department of Justice opened criminal investigations into competitive practices in 2003.

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