Pearson Warshaw, LLP has filed a lawsuit on behalf of Gage’s Fertilizer & Grain, Inc. alleging that the major suppliers of potash, including Potash Corporation of Saskatchewan, Mosaic Company, Agrium Inc., JSC Uralkali, JSC Silvinit, International Potash Company and Belarusian Potash Company, conspired to fix, raise, maintain and stabilize the price of potash sold in the United States from 2003 to the present. The complaint, filed in federal court in the Northern District of Illinois on September 11, 2008, alleges that the defendants, who control approximately 70% of the potash market, violated federal antitrust law and seeks certification of a class of direct purchasers of potash, damages in an amount to be determined and injunctive relief.
On June 27, 2012, the United States Court of the Appeals for the Seventh Circuit, sitting en banc, issued an opinion affirming the District Court’s denial of defendants’ motion to dismiss the complaint. Pearson Warshaw, LLP partner Bruce L. Simon successfully presented oral argument to the Court of Appeals which lead to this favorable result for the plaintiffs and putative class.
The opinion is available for review: Potash Seventh Circuit Opinion
Settlements
On June 6, 2003, the Court granted preliminary approval to a $10 million settlement with defendants JSC Uralkali and JSC Silvinit.
On January 30, 2013 the Court granted preliminary approval of a $80 million settlement with the remaining defendants Agrium, Inc., Agrium U.S., Inc., The Mosaic Company, n/k/a MOS Holdings, Inc. and Mosaic Crop Nutrition, LLC, Potash Corporation of Saskatchewan Inc. and PCS Sales (USA) Inc. A fairness hearing has been set for June 12, 2013. At that time the Court will decide whether the settlements should be approved.
For more information about the settlements, to obtain court documents, or register online, please visit the settlement website, http://www.potashantitrust-classaction.com.