Glancy Prongay & Murray LLP, Hausfeld LLP, Bramson, Plutzik, Mahler & Birkhaeuser, LLP, and Izard Nobel LLP Announce Proposed Direct Purchaser and Indirect Purchaser Settlements in the Korean Ramen Antitrust Litigation

SAN FRANCISCO, April 12, 2016 /PRNewswire/ --

NOTICE OF PROPOSED CLASS ACTION SETTLEMENTS

IF YOU PURCHASED KOREAN RAMEN NOODLES IN THE U.S. OR ITS TERRITORIES BETWEEN MAY 1, 2001 AND DECEMBER 31, 2010, THIS NOTICE IS TO INFORM YOU OF TWO PROPOSED CLASS ACTION SETTLEMENTS THAT COULD AFFECT YOUR LEGAL RIGHTS.

Who's Affected?

The Proposed Settlements affect you if you purchased any Korean Noodles – instant noodle soup products consisting of dried instant noodles paired with a seasoning packet and dehydrated vegetables, packaged in a bag (or pouch), cup, or bowl, including ramen products sold under the Nongshim, Samyang, Ottogi, and Paldo/Yakult brands – in the United States or its territories between May 1, 2001 and December 31, 2010 (the "Class Period").

What's This About?

A class action lawsuit is pending in the United States District Court for the Northern District of California, entitled, In re Korean Ramen Antitrust Litigation, Case No. 3:13-CV-4115-WHO-DMR (N.D. Cal.) (the "Action"), in which it is alleged that Defendants Nongshim Co., Ltd.; Nongshim America Inc.; Ottogi Co. Ltd.; Ottogi America, Inc.; Samyang Foods Co., Ltd.; Korea Yakult Co., Ltd. ("Korea Yakult"); Paldo Co. Ltd. ("Paldo"); and Sam Yang (USA), Inc ("Sam Yang USA") engaged in illegal anticompetitive conduct with respect to the sales of Korean Noodles, and that as a result, any U.S. person or entity that purchased Korean Noodles during the Class Period, paid a higher price than they would have otherwise paid in a competitive market. Defendants deny Plaintiffs' allegations and the Court has not ruled on the merits of the claims or defenses.

Samyang Foods Co., Ltd. ("Samyang"), one of the Defendants in the Action has negotiated two separate settlements (the "Proposed Settlements") in the Action – one with the "Direct Settlement Class," the other with the "Indirect Settlement Class."

Am I a Member of One of Classes Affected by the Settlement?

The Direct Settlement Class is defined as all persons or entities who purchased, in the U.S. or one of its territories, Korean Noodles, as defined above, directly from one or more of the Defendants during the Class Period (the "Direct Settlement Class"). The Indirect Settlement Class consists of all persons or entities who purchased Korean Noodles indirectly – not from any of the Defendants themselves but from a retailer, distributor or other person who had bought Korean Noodles from a one or more of the Defendants. For purposes of the Proposed Settlements, the Court has granted class certification of both the Direct Settlement Class and the Indirect Settlement Class.

What Do the Proposed Settlements Provide?

If the Proposed Settlements are approved by the Court, Samyang will pay the Direct Settlement Class $1,000,000, will pay the Indirect Settlement Class $500,000, and will cooperate with both Classes in their continuing conduct of the Action against the Non-Settling Defendants that remain in the action. Any distribution from the Settlement Fund to Class Members will occur only after the case against the Non-Settling Defendants has been resolved. Subject to the Court's approval, Class Counsel do not intend to seek any award of attorneys' fees from this settlement at this time. However, they intend to ask the Court to permit them to use up to 50% of the Settlement Fund remaining after the payment of notice and administration costs to reimburse past and future expenses incurred in prosecuting the lawsuit against the Non-Settling Defendants.

When Will the Court Consider Whether or Not to Approve the Proposed Settlements?

On August 17, 2016, at 2:00 p.m., a hearing will be held at the United States District Court for the Northern District of California, 450 Golden Gate Avenue, San Francisco, CA 94102-3489, Courtroom 2, 17th Floor, to determine whether the proposed settlements are fair, reasonable, and adequate. If you are a member of the Direct Settlement Class or the Indirect Settlement Class, you may file an objection to the proposed settlements with the Clerk of the Court, and may speak at the hearing about the fairness of the proposed settlement, in keeping with the requirements set forth in the detailed notice.

If I Fall Within the Definition of One of the Classes, What Are My Rights?

1. You Can Remain in the Class and Accept the Proposed Settlement Applicable to Your Class. You need not do anything if you fall within the definition of one of the Classes and you wish to remain in that Class. In that event, you will be bound by the Settlement applicable to your Class and will be entitled to share in the benefits, if any, of that Settlement, but will not be able to sue, or to continue to sue, Samyang individually on the claims that are the subject of that Settlement.

2. You Can Exclude Yourself from the Class. If you fall within the definition of either Class but do not wish to be a part of it, you can request to be excluded from, or "opt out" of, the Class, through instructions provided in the more detailed notice available at www.RamenClassAction.com. In that event, you will not be bound by that Class's Settlement and will be ineligible to receive any benefits from it, but will be free to pursue any individual claims you may have against Samyang asserted on behalf of that Class in the Action.

3. You Can Object to the Settlement Applicable to Your Class. If you wish to object that the Settlement applicable to the Class of which you are a member is unsatisfactory, or to Class Counsel's request to be reimbursed from the funds recovered in the Proposed Settlements for litigation costs and expenses incurred or to be incurred, and you have not excluded yourself from that Class, you may file a written objection to that Class's settlement by following instructions provided in the more detailed notice available at www.RamenClassAction.com.

Who Represents Me?

The Court has appointed the following counsel for the respective classes:

Class Counsel for the Direct Purchaser Class

Lee Albert
GLANCY PRONGAY & MURRAY LLP
122 East 42nd Street. Suite 2920
New York, NY 10168

Christopher Lebsock
HAUSFELD LLP
600 Montgomery St., Suite 3200
San Francisco, CA 94104

Class Counsel for the Indirect Purchaser Class

Daniel E. Birkhaeuser
BRAMSON, PLUTZIK, MAHLER & BIRKHAEUSER, LLP
2125 Oak Grove Road, Suite 120
Walnut Creek, CA 94598

Robert A. Izard
IZARD NOBEL LLP
29 South Main Street, Suite 305
West Hartford, CT 06107

Where Can I Get Further Information?

This Notice is just a summary. For more information, please refer to the Notice available at www.RamenClassAction.com, where you will also be able to see a copy of the Settlement Agreements and other relevant Court papers; call (877)368-8668; write to the Class Counsel for the Class of which you are a member; or access the Court's docket in the case through the Court's Public Access to Court Electronic Records (PACER) system at https://ecf.cand.uscourts.gov, or by visiting the office of the Clerk of the Court for the United States District Court for the Northern District of California, Phillip Burton Federal Building & United States Courthouse, 16th Floor, 450 Golden Gate Avenue, San Francisco, CA 94102, between 9:00 a.m. and 4:00 p.m., Monday through Friday, excluding Court holidays.

PLEASE DO NOT TELEPHONE THE COURT OR THE COURT CLERK'S OFFICE TO INQUIRE ABOUT THIS SETTLEMENT OR THE CLAIM PROCESS.

SOURCE Glancy Prongay & Murray LLP