Mar 02, 2016 2:21 AM GMT
Supreme Court Justice Antonin Scalia was worth billions of dollars to corporate America, if a Dow Chemical settlement made public Friday is any indication.
Dow was in the midst of appealing a $1.06 billion class-action antitrust ruling after a jury found that it had conspired with other chemical companies to fix prices for urethane, a material used in furniture and appliances.
But because of Scalia’s death and the sudden unlikelihood of finding five votes on the Supreme Court to overturn the case, Dow decided to settle for $835 million, the bulk of the original award.
“Growing political uncertainties due to recent events with the Supreme Court and increased likelihood for unfavorable outcomes for business involved in class-action suits have changed Dow’s risk assessment of the situation,” the company told Bloomberg News....
The company had reason to think it could successfully appeal the $1.06 billion ruling against it, as long as Scalia was there...
...But without a Scalia around to bail it out, its arguments have scant effect.