Market Segment
May 6, 2014
Nucor and Reliance Steel Request New Trial after $156M Judgment
Written by Sandy Williams
The $156 million judgment against Nucor, Reliance Steel & Aluminum, American Alloy Steel and JSW Steel (USA) will be delayed two weeks while the defendants file a motion for a new trial in the anti-trust lawsuit brought by MM Steel LLC.
Last week US District Judge Kenneth Hoyt ruled that a $52 million jury verdict against the steel companies would be tripled. According to court documents, the defendants agreed to split the judgment but were unwilling to reveal the details to MM Steel. There are indications that MM Steel may be willing to work towards a settlement of the case after the companies appealed the verdict judgment.
In the motion to delay the judgment, Hoyt said, “MM Steel cannot negotiate reasonable settlements with the defendants without knowing the contract limits they face in the undisclosed agreement.” (Source: Law 360)
