U.S. Supreme Court Strikes Down JSW Steel’s Plea
Sajjan Jindal-led JSW Steel on Friday said the United States Supreme Court has turned down a petition filed by the firm's U.S.-based subsidiary in an anti-trust case.
JSW Steel USA Inc, a subsidiary of JSW Steel, approached the U.S. Supreme Court contesting an appeal of the United States Court of Appeals for the Fifth Circuit.
JSW USA had sought a review of the Fifth Circuit Court of Appeals decision by filing a petition for writ of certiorari in the U.S. Supreme Court, which if successful could result in the refund of part or all funds of $54.85 million paid to satisfy judgment of the Court of Appeals, the firm said in a regulatory filing.
"The U.S. Supreme Court has since declined to hear an appeal of the decision of the Fifth Circuit Court of Appeals," it added.
As JSW USA has already made the provision in its books and discharged the liability arising from the earlier judgment, there is no impact on its decision. There is no further appeals available and this matter is, therefore, concluded, the filing said.
In June 2016, the U.S. District Court issued an order releasing JSW Steel USA Inc from any further liability to MM Steel under the judgment in return for a payment of $54.85 million.
JSW had then said: "This payment has been made and JSW USA intends to seek review of the Fifth Circuit's decision by filing a petition for writ of certiorari in the U.S. Supreme Court, which if successful, could result in the refund of part or all of the funds paid to satisfy the judgment." In December 2015, the district court in the U.S. had directed the JSW Steel subsidiary to pay a $156 million fine, as it confirmed an earlier ruling by a jury in an anti-trust case filed by a local steel distributor.
MM Steel had sued its competing distributors and steel manufacturers, including JSW Steel, in 2012, claiming that its rivals had conspired to deprive it of supplies and that the manufacturers had knowingly joined the plot, the court document showed.
MM Steel shut down its business in 2013.