May 05, 2008. /Lesprom.com/. Norbord announced that it has reached a settlement agreement in the OSB Antitrust Litigation to limit the risks and costs associated with a prolonged trial. Norbord has vigorously contested the plaintiffs' allegations and vehemently denies that it violated US Antitrust or any other laws. Under the terms of the settlement agreement with the certified class of direct purchasers of OSB, Norbord will pay $30 million into an escrow account for the benefit of the class, subject to possible opt outs. A first payment of $15 million is due on or before July 25, 2008 and the remainder is due on or before October 24, 2008. The settlement agreement is subject to court approval. Norbord has also reached an agreement in principle to pay $2.2 million into an escrow account for the benefit of certified classes of indirect purchasers of OSB. The final settlement agreement with the indirect purchasers will be subject to court approval. "The decision to settle was both difficult and disappointing," said Barrie Shineton, President and CEO. "We are certain that Norbord has not violated the law. However, jury trials are inherently unpredictable and we could not guarantee a positive verdict. Given this risk, the magnitude of the plaintiffs' claims and the fact that any damages would be tripled under US Antitrust law, going to trial would have been irresponsible because it would have put the entire company at risk." Norbord Inc. is an international producer of wood-based panels.