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Packaging Corporation of America (NYSE: PKG), Lake Forest, IL, has agreed to settle a civil, class action lawsuit filed against PCA and eight other North American manufacturers of containerboard.
Under the terms of the agreement, which must be approved by the court, PCA will pay $17.6 million into a settlement fund in return for a dismissal and release of all claims of the purported class.
“While PCA believes that the allegations brought against it in this action have no merit, our board of directors has determined that it is in the best interest of our shareholders to settle this lawsuit at this time to avoid the substantial legal costs as well as the uncertainty involved with litigation of this nature,” said Mark Kowlzan, CEO.