A federal grand jury in Connecticut has entered an indictment against Stora Enso North America Corp. (SENA), the US subsidiary of Finland-based Stora Enso Oyj, on the charge of price fixing in the US market for magazine paper. SENA is alleged to have violated the Sherman Act by agreeing with its competitors to increase prices of magazine paper, and selling magazine paper in accordance with those agreements, between approximately August 2002 and June 2003. Billions of dollars worth of magazine paper is sold in the US market annually and is widely used in printing magazines, high-volume catalogues and advertising brochures. If convicted, SENA faces a Sherman Act fine of up to US$10 million, which may be increased, to twice the gain derived from the illegal scheme or twice the loss incurred, if either amount exceeds the statutory maximum.