Louisiana-Pacific Settles for $44.5 million

Louisiana-Pacific Corporation announced that it has reached settlement agreements in the OSB antitrust litigation in order to limit the risks and costs associated with at least two lengthy jury trials. The company denies that it violated any U.S. antitrust law or any other law.

Under the terms of the settlement agreement with the certified class of direct purchasers of OSB, LP will pay $44.5 million into an escrow account for the benefit of the class. A first payment of $10 million is due within 10 business days of the execution date of the settlement and the remainder is due on October 1, 2008. The settlement agreement is subject to court approval.

LP has also reached an agreement to pay $2.3 million into an escrow account for the benefit of the certified classes of indirect purchasers of OSB. The final settlement agreement with the indirect purchasers will be subject to court approval.