If you own a smartphone, computer, or other electronic devices, you may be eligible to participate in two proposed class-action settlements in Canada. These settlements address allegations of price fixing related to linear resistors, a crucial electronic component used in many household and personal items.
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What Are Linear Resistors?
A linear resistor is an essential electronic component used to regulate the flow of electrical current in circuits. These resistors are found in various devices, including:
- Smartphones
- Computers
- Gaming consoles
- Home appliances
- Television sets
If you’ve purchased any of these electronics or individual linear resistors between July 19, 2003, and September 14, 2015, you could be entitled to a portion of the settlement funds.
Details of the Proposed Settlements
Two separate settlements have been reached with major companies involved in the alleged price fixing of linear resistors:
- KOA Corporation and KOA Speer Electronics, Inc.: A $3.3 million settlement.
- Susumu Co., Ltd. and Susumu International (USA) Inc.: A $90,000 settlement.
It’s important to note that both KOA and Susumu deny any wrongdoing, stating there was no anti-competitive conduct or liability for the acts alleged in the lawsuits.
Who is Eligible for the Class-Action Settlement?
You may be eligible to benefit from these settlements if you purchased linear resistors or products containing them between July 19, 2003, and September 14, 2015.
However, you won’t be able to claim any settlement funds until the court approvals are granted. The courts in Ontario, British Columbia, and Québec will review and potentially approve the settlements.
Key Court Dates for Settlement Approval:
- Ontario: February 26, 2025
- British Columbia: March 11, 2025 (KOA only)
- Québec: April 8, 2025
At these hearings, the courts will determine if the settlements are fair, reasonable, and in the best interests of the class members.
What Happens to the Settlement Funds?
The settlement funds, including any interest earned, will be held in an interest-bearing trust account for the benefit of eligible class members. After deducting court-approved legal fees, disbursements, and taxes, the remaining funds will be distributed among claimants.
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Next Steps for Potential Claimants
The law firm overseeing the settlements, Foreman & Company, will provide additional details on how to file a claim. Information about who is eligible, how claims will be valued, and the process for submitting a claim will be available after the court hearings.
Stay tuned for more updates, and if you think you qualify, consider reviewing your eligibility for this potential class-action payout.
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