CALGARY – Fertilizer producers Potash Corp. of Saskatchewan, Mosaic Co. and Agrium Inc. have settled antitrust lawsuits in the United States, but deny they did anything wrong.
Saskatoon-based Potash (TSX:POT) and Plymouth, Minn.-based Mosaic Co. say they will each pay a total of $43.75 million to settle the claims.
In a separate release, Calgary-based Agrium (TSX:AGU), said it will pay a total of US$10 million to settle claims by plaintiffs who alleged pricing of the crop nutrient potash violated antitrust laws.
The settlements are subject to court approval.
All three companies say they decided to settle to avoid the cost and distraction of a protracted legal fight.
In a release, Potash CEO Bill Doyle lashed out against U.S. attorneys who he says abuse class actions, adding such cases are becoming a wasteful and unnecessary cost of doing business in the United States.
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