LONDON, ON, Feb. 25, 2022 /CNW/ - A proposed national settlement has been reached with NSK Ltd. and NSK Canada Inc. (collectively "NSK") in Canadian class actions concerning the alleged price fixing of small-size ball bearings.
Small-size ball bearings are notably used in communication devices, household appliances, video cameras, personal computers, printers, air conditioning units, vacuum cleaners, fishing reels and power tools, among other products.
NSK has agreed to pay CAD $600,000 for the benefit of settlement class members. The settlement, which was negotiated over several months, is not an admission by NSK of liability, fault, or wrongdoing, but is a compromise of disputed claims. The settlement must be approved by the courts before it becomes effective.
To be a member of these class actions, one must have purchased a small-size ball bearing or a product containing a small-size ball bearing between June 1, 2003 and October 31, 2011.
This is the second and final settlement to be reached in the actions. An earlier national settlement valued at CAD $1.5 million has been previously approved by the courts. If approved, the NSK settlement will resolve the litigation in its entirety.
The settlement amounts will not be distributed at this time. At a future time, the courts will approve a process for the payment of claims to class members. A further notice will be provided at the time of distribution.
For more detailed information and to review the long-form notice, please visit https://www.foremancompany.com/small-bearings.
Settlement Class Members are represented by:
In Québec: Belleau Lapointe, s.e.n.c.r.l.
In British Columbia: Camp Fiorante Matthews Mogerman LLP
Canada excluding Québec and British Columbia : Foreman & Company Professional Corporation
Media contacts:
English: Jonathan Foreman - [email protected], 519-914-1175 x 102
French: Marie-Ève Dumont, Option consommateurs - [email protected], 514-777-6133
SOURCE Foreman & Company
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