FEDERAL WAY, Wash.--(Business Wire)--
Weyerhaeuser Company (NYSE:WY) today said it will appeal a jury
decision rendered in a class action lawsuit claiming that Weyerhaeuser
unlawfully monopolized an alleged market for finished alder lumber.
A jury in Portland, Ore., awarded the plaintiffs $27.98 million,
which will be trebled under antitrust laws.
"We are very disappointed with the verdict," said Sandy D. McDade,
Weyerhaeuser senior vice president and general counsel. "We are
confident it will be reversed on appeal because last year the U.S.
Supreme Court decided in our favor a case presenting virtually
identical issues. We fully expect that the Court of Appeals will apply
that precedent. Our business conduct has been and remains within the
spirit and letter of the law, and we will continue to vigorously
defend this case."
Weyerhaeuser Company, one of the world's largest forest products
companies, was incorporated in 1900. In 2007, sales were $16.3
billion. It has offices or operations in 13 countries, with customers
worldwide. Weyerhaeuser is principally engaged in the growing and
harvesting of timber; the manufacture, distribution and sale of forest
products; and real estate construction, development and related
activities. Additional information about Weyerhaeuser's businesses,
products and practices is available at http://www.weyerhaeuser.com.
Weyerhaeuser Company
Media - Bruce Amundson, 253-924-3047
Analysts - Kathryn McAuley, 253-924-2058
Copyright Business Wire 2008
