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FEDERAL WAY, Wash. (AP) - Weyerhaeuser Co. will appeal a federal court's decision Tuesday ordering the company to pay about $460 million in damages for its role in the initial public offering of stock in failed diaper maker Paragon Trade Brands Inc.
The forest products company said it has not recorded a charge against earnings related to the Atlanta bankruptcy judge's decision, as it believes the ruling will be overturned.
In addition, generally accepted accounting principle, or GAAP, does not allow for a reserve to be established "if there is a high likelihood that the company will not be required to pay damages."
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