A $153.5 million judgment was affirmed by the Fifth Circuit in an antitrust lawsuit filed by Yetter Coleman’s client, MM Steel.
At trial, the jury found that MM Steel, a steel distributor, had been put out of business because of a group boycott, orchestrated by two of MM Steel’s direct competitors and joined by two steel mills. The jury further found that MM Steel had suffered $52 million in lost profits.
After trial, U.S. District Judge Kenneth Hoyt rendered a judgment on the verdict, imposing joint and several liability on all defendants for treble damages under U.S. antitrust laws. Both competing steel distributors settled, leaving the two steel mills in the appeal to the Fifth Circuit.
The Fifth Circuit did not find sufficient evidence to connect one steel mill’s conduct to the group boycott, and it affirmed the full award of damages against the other steel mill, JSW Steel U.S.A. (Inc.).