APRIL 1981 - VOLUME 2 - NUMBER 4
Westinghouse Suit: 18 Down, 5 to Go
Westinghouse Electric Corporation's multi-billion dollar price-fixing suit, against uranium producing companies, one of the largest and most complex cases of its kind in U.S. history, has decreased in size considerably in recent weeks. Twenty-four of the original twenty-nine defendants have now settled out of court or had charges dropped. In its 1976 suit, Westinghouse charged the 29 foreign and domestic uranium producers with participating in an international price-fixing cartel.
Queensland Mines of Australia, presently being held in default for failure to respond to the charges because it alleges that the U.S. courts do not have jurisdiction, is the only foreign company still involved in the suit. The domestic companies remaining are: Anaconda Company, Engelhard Minerals and Chemicals Corporation, Phelps-Dodge Corporation and Western Nuclear.
Westinghouse dropped charges against five of the original defendants, while reaching out-of-court settlements with 18 others. The settlements to date have awarded Westinghouse a total of over $100 million as well as favorable purchase terms for 23 million pounds of uranium. The case against the remaining defendants is scheduled to be tried in September.