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March 26, 2014
08:54 EDTRSReliance Steel announces antitrust lawsuit verdict in plaintiff's favor
Reliance Steel & Aluminum announced that a Houston, Texas jury returned a verdict against the Company and its subsidiary, Chapel Steel, along with four other co-defendants in an antitrust lawsuit filed in the U.S. District Court for the Southern District of Texas. As discussed in the company’s Annual Report on Form 10-K for the period ending December 31, 2013 filed with the Securities and Exchange Commission, Reliance has been involved in legal proceedings brought by two former employees who left the company to start their own business and claim that Reliance and the co-defendants engaged in anticompetitive activities. The jury returned a verdict against all six defendants jointly of $52M in damages, which amount is expected to be trebled under the federal antitrust laws. Reliance and Chapel disagree with the verdict and intend to pursue all available remedies, including taking the matter up on appeal. The ultimate amount of any final judgment that Reliance may be required to bear is unknown at this time.
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February 2, 2016
06:54 EDTRSReliance Steel subsidiary awarded five-year contract by BAE Systems
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