Abrasive Grain Antitrust Litigation

Briefly, plaintiffs Arden Architectural Specialties, Inc. and General Refractories Company ("Class Representatives") have filed civil actions alleging that defendants entered into a combination, conspiracy or agreement, in violation of the federal antitrust laws, to fix, maintain, raise or stabilize the prices of Artificial Abrasive Grain purchased in the United States during the Class Period. The claims are described in more detail in the First Amended Complaint filed in the Actions on October 9, 1997 (the "Complaints"). Plaintiffs further allege that as a result of the conspiracy, they and other members of the Class have been injured by paying more for Artificial Abrasive Grain than they would have paid absent defendants' actions. Plaintiffs seek a civil recovery of treble damages, together with reimbursement of costs and an award of attorneys' fees. Defendants deny these allegations, and deny that they have violated any law or engaged in any price fixing.

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