LONDON, ON, Dec. 20, 2024 /CNW/ - Two proposed Canada-wide settlements have been reached in proposed Canadian class actions concerning the alleged price fixing of linear resistors. The class actions were commenced on behalf of Canadians who purchased linear resistors and/or products containing linear resistors between July 2003 and September 2015 (the "Settlement Class").
A "linear resistor" is an electronic component used to regulate the current in an electrical circuit. Linear resistors are found in electronics like computers, smartphones, gaming consoles, home appliances and televisions, among other products.
Proposed settlements have been reached with KOA Corporation and KOA Speer Electronics, Inc. (collectively "KOA") for CAD $3.3 million and Susumu Co., Ltd. and Susumu International (USA) Inc. (collectively "Susumu") for CAD $90,000. KOA and Susumu deny that there was any anti-competitive conduct and any liability for the acts alleged. The plaintiffs and the KOA and Susumu defendants have reached proposed settlements to avoid the uncertainties, risks, and costs of further litigation. If approved, the settlements will resolve the litigation in its entirety.
The proposed settlement agreements must be approved by the Ontario, British Columbia and/or Québec Courts to be effective. Hearings to determine whether the proposed settlement agreements should be approved will take place on February 26, 2025 in Ontario, March 11, 2025 in British Columbia (KOA only), and April 8, 2025 in Québec. At the hearings, the Courts will determine whether the proposed settlement agreements are fair, reasonable and in the best interests of the Settlement Class.
The aggregate settlement funds recovered in the class actions (CAD $8,970,750), plus accrued interest and minus Court-approved Class Counsel fees, disbursements and applicable taxes, are being held in an interest-bearing trust account for the benefit of Settlement Class members.
A further notice will be provided regarding the proposed methodology for distributing the settlement funds, including who is eligible to claim, how claims will be valued, and the deadline and process for filing a claim. To receive this notice, register at www.foremancompany.com/linear-resistors.
For more detailed information and to review the long-form notice, please visit www.foremancompany.com/linear-resistors.
Settlement Class Members are represented by:
Foreman & Company and Siskinds LLP (Canada except QC and BC, as applicable)
Belleau Lapointe, s.e.n.c.r.l. (QC)
Camp Fiorante Matthews Mogerman LLP (BC)
SOURCE Foreman & Company
Media contacts: English: Jonathan Foreman - [email protected], 519-914-1175 x 102; French: Mélissa Bazin, [email protected] 514-987-6676
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