United States Court of Appeals reversed an earlier dismissal from a District Court relating to a complaint filed by Carrier Corporation, a subsidiary of United Technologies Corporation (NYSE: UTX), against Outokumpu (OMX:OUT1V) relating to an alleged worldwide cartel in industrial copper tubing for air conditioning and heat exchangers and related applications. The Appeals Court decision returns the case into District Court.
Outokumpu divested the related operations in 2008 to private equity firm Nordic Capital but agreed to indemnify the company for any potential damages pertaining to this complaint. Carrier is seeking unspecified damages due to alleged overcharges. Outokumpu says the claims are baseless. In 2009 Outokumpu was fined 18 million Euros for European price-fixing and market-sharing cartel in copper air-conditioning tubes.
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