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SUMMARY NOTICE OF PENDENCY OF CLASS ACTION
AND HEARING ON PROPOSED SETTLEMENT
NOTICE IS HEREBY GIVEN, pursuant to an Order of the Circuit Court for the Eighteenth Judicial Circuit, in and for Seminole County, Florida dated July 10, 2007 that a settlement has been reached in this class action lawsuit.
Who Is Affected? All persons and entities who indirectly purchased Urethane Chemicals in Arizona, District of Columbia, Florida, Hawaii, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Nebraska Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Pennsylvania, South Dakota, Tennessee, Vermont, West Virginia, and Wisconsin (the “Settlement States”) from any of the Manufacturers at any time from January 1, 1998 through December 31, 2004 (the “Settlement Class”).
What is this Case About? Plaintiffs in the lawsuit claimed that Bayer Corporation, Bayer AG, and Bayer Material Science LLC (f/k/a Bayer Polymers LLC) (collectively “Bayer”) entered into agreements with other companies to fix the price of Urethane Chemicals used in the manufacture of products, such as insulation, foam, and coatings. The suit alleges that, as a result of these agreements, consumers of products containing Urethane Chemicals have paid more for those products than they would have absent the alleged price-fixing conspiracy. Bayer denies all allegations of wrongdoing asserted in the lawsuit. The Court did not decide in favor of either side. Instead, both sides agreed to a settlement.
What are Urethane Chemicals and who are the Manufacturers? Urethane Chemicals means polyester polyols in whatever form they were sold (including polyurethane systems containing polyester polyols), and polyether polyols, monomeric or polymeric diphenylmethane diisocyanate, and/or toluene diisocyanate, whether sold separately or in a combined form with or without other chemicals added thereto. For purposes of this settlement only, Urethane Chemicals includes products such as insulation, foam, and coatings. Manufacturers are Crompton Corporation, Uniroyal Chemical Company, Inc., Bayer, TSE Industries, Inc., E.I. DuPont Nemours & Co., BASF AG, BASF Corporation, Lyondell Chemical Company, Huntsman International LLC, Huntsman International Holdings LLC, Dow Chemical Company, Rhein Chemie Corporation and Rhein Chemie Rheinau GmbH.
What are the Settlement Benefits? Bayer has agreed to provide a $4,750,000.00 settlement fund (the “Settlement Fund”) for the benefit of the Settlement Class. After deduction of any award of attorneys' fees and expenses, the fund will be used to make payments to not-for-profit organizations that promote competition in the marketplace, work for consumer protection, or which otherwise would benefit the members of the Settlement Class, as approved by the Court. Class Counsel believes that the settlement is fair, reasonable and adequate in light of the substantial risks associated with continued litigation and because any attempt to distribute the Settlement Fund to individual members of the Settlement Class would result in prohibitive administrative costs that would consume any settlement proceeds. To participate in the settlement, you do not need to do anything.
Who is Class Counsel? To represent the Settlement Class in connection with this settlement, the Court has appointed Kenneth G. Gilman of the law firm of Gilman & Pastor, LLP, Boston, Massachusetts and Mark Nation of the Nation Law Firm, Longwood, Florida. As part of the settlement, Class Counsel will apply for attorneys' fees and reimbursement of expenses in an amount not to exceed one-third of the $4,750,000.00 Settlement Fund.
How to Get More Information? This notice is only a summary. More information is provided in a detailed Notice available online at www.UrethaneChemicalsClassNotice.com. You may also write to Urethane Chemicals Class Notice Request, c/o The Notice Company, PO Box 778, Hingham, MA 02043 or call toll-free (800) 915-9387 to request that a copy of the detailed Notice be mailed to you.
Can You Opt Out or Object? You may request exclusion from the Settlement Class and the settlement by sending a written request for exclusion by mail so that it is received no later than September 17, 2007 to Urethane Chemicals Opt Outs, c/o The Notice Company, PO Box 778, Hingham, MA 02043. Your exclusion letter must be signed and include your name, address, and telephone number. You may also object in writing no later than September 20, 2007, to any part of the settlement. The detailed Notice explains how to send in an objection.
Will there be a Settlement Hearing? A hearing will be held on October 8, 2007 at 1:30 p.m., before the Honorable James E.C. Perry, Judge of the Eighteenth Judicial Circuit Court, 301 N. Park Avenue, Sanford, Florida 32771, to determine whether the proposed settlement is fair, reasonable and adequate and should be finally approved by the Court and whether the judgment, as provided in the settlement, should be entered. The Court will also determine the amount of attorneys' fees and costs to be awarded to counsel for the Settlement Class Members. The Court may adjourn or continue the Settlement Hearing without further notice to the Settlement Class. You may attend the hearing if you wish, but you are not required to do so to participate in the settlement.
PLEASE DO NOT CONTACT THE COURT REGARDING THIS NOTICE
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Plaintiffs,