Quantcast
Last updated on April 18, 2014 at 17:24 EDT

PotashCorp Settles Antitrust Cases in United States

January 30, 2013

Symbol: POT
Listed:  TSX, NYSE

SASKATOON, Jan. 30, 2013 /PRNewswire/ – Potash Corporation of Saskatchewan Inc.
(PotashCorp) announced today that it and its wholly owned subsidiary
PCS Sales (USA) Inc. have settled eight private antitrust lawsuits,
which were filed by direct and indirect purchasers of potash in the
United States in U.S. federal courts in 2008, for a total of $43.75
million.  The settlements are subject to final approval of the U.S.
District Court for the Northern District of Illinois.  PotashCorp
expressly denies any wrong-doing but decided to settle after weighing
the multi-year financial cost and resources that would be required to
defend these meritless allegations. The other potash producers who were
defendants in these cases also have settled with the plaintiffs.

“These allegations are completely without merit and we deny all of the
claims asserted in the lawsuit,” said Bill Doyle, President and CEO for
PotashCorp. “The reality is that we weighed the multi-year effort in
time and resources that would have been required to defend this
lawsuit, and determined that our management should remain focused on
the production of potash and serving our customers. This settlement
serves as another example of the well documented abuse of class actions
in the United States where self-interested plaintiffs’ attorneys enlist
nominal plaintiffs – some of whom have served in that capacity in
multiple class actions – to assert meritless claims in lawsuits where
neither the plaintiffs’ lawyers nor their clients have anything to lose
but in which defendants face the enormous burden, distraction and
expense of litigation even though we did nothing wrong. This is simply
a wasteful and unnecessary cost of doing business in the United
States.”

_______________________________________

PotashCorp is the world’s largest crop nutrient company and plays an
integral role in global food production. The company produces the three
essential nutrients required to help farmers grow healthier, more
abundant crops. With global population rising and diets improving in
developing countries, these nutrients offer a responsible and practical
solution to meeting the long-term demand for food. PotashCorp is the
largest producer, by capacity, of potash and third largest producer of
nitrogen and phosphate. While agriculture is its primary market, the
company also produces products for animal nutrition and industrial
uses. Common shares of Potash Corporation of Saskatchewan Inc. are
listed on the Toronto Stock Exchange and the New York Stock Exchange.

This release contains forward-looking statements or forward-looking
information (forward-looking statements). These statements can be
identified by expressions of belief, expectation or intention, as well
as those statements that are not historical fact. These statements are
based on certain factors and assumptions including with respect to
foreign exchange rates, expected growth, results of operations,
performance, business prospects and opportunities and effective tax
rates. While the company considers these factors and assumptions to be
reasonable based on information currently available, they may prove to
be incorrect. Several factors could cause actual results to differ
materially from those expressed in the forward-looking statements,
including, but not limited to: variations from our assumptions with
respect to foreign exchange rates, expected growth, results of
operations, performance, business prospects and opportunities, and
effective tax rates; fluctuations in supply and demand in the
fertilizer, sulfur, transportation and petrochemical markets; costs and
availability of transportation and distribution for our raw materials
and products, including railcars and ocean freight; changes in
competitive pressures, including pricing pressures; adverse or
uncertain economic conditions and changes in credit and financial
markets; the results of sales contract negotiations with major markets;
the European sovereign debt crisis and the recent downgrade of US
sovereign debt and political concern over budgetary matters; timing and
impact of capital expenditures; risks associated with natural gas and
other hedging activities; changes in capital markets and corresponding
effects on the company’s investments; unexpected or adverse weather
conditions; changes in currency and exchange rates; unexpected
geological or environmental conditions, including water inflow;
imprecision in reserve estimates; adverse developments in new and
pending legal proceedings or government investigations; acquisitions we
may undertake; strikes or other forms of work stoppage or slowdowns;
changes in and the effects of, government policies and regulations;
security risks related to our information technology systems  and
earnings, exchange rates and the decisions of taxing authorities, all
of which could affect our effective tax rates. Additional risks and
uncertainties can be found in our Form 10-K for the fiscal year ended
December 31, 2011 under the captions “Forward-Looking Statements” and
“Item 1A – Risk Factors” and in our other filings with the US
Securities and Exchange Commission and the Canadian provincial
securities commissions. Forward-looking statements are given only as at
the date of this release and the company disclaims any obligation to
update or revise the forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by law.

SOURCE Potash Corporation of Saskatchewan Inc.


Source: PR Newswire