Proposed settlement reached in class action against Samsung and Hynix for alleged unlawful price fixing of dynamic random access memory (DRAM)

Purchasers of DRAM or products containing DRAM may be eligible to claim compensation from multi million dollar settlement fund

OTTAWA, May 31, 2013 /PRNewswire/ - The Plaintiffs in class actions filed in British Columbia, Ontario and Québec claim that Samsung Electronics Co., Ltd., Samsung Semiconductor Inc., Samsung Electronics America, Inc. and Samsung Electronics Canada Inc. ("Samsung") and Hynix Semiconductor Inc., Hynix Semiconductor America Inc. and Hynix Semiconductor Manufacturing America, Inc. ("Hynix"), and numerous other DRAM manufacturers conspired to fix the prices for DRAM or products which contain DRAM in Canada.  DRAM is a type of memory commonly used in computers and communication devices.

Today the parties to the lawsuit announce settlements with the defendants Samsung and Hynix which are subject to court approval.  Samsung will pay CAD $22,600,000 and Hynix will pay CAD $15,600,000 for the benefit of settlement class members and will each provide cooperation that will assist with prosecuting the ongoing actions against remaining defendants in exchange for a full release of claims against them and their related entities.

Residents of Canada or the United States at the time of purchase and/or at the time of notice, who purchased DRAM or products which contained DRAM in Canada between April 1, 1999 and June 30, 2002 are settlement class members.

In order for these settlements to become effective, they must be approved by the three courts, which must be satisfied that the settlements are fair, reasonable, and in the best interests of the Class Members. The dates and locations for the approval hearings are as follow:

OPTIONS FOR CLASS MEMBERS

Persons who believe that they are Class Members have the following options:

• SUPPORT THE SETTLEMENT - Class Members who support these proposed settlements, do not need to take any steps or appear at the approval hearings. 
  
  
• OBJECT TO THE SETTLEMENT - Class Members who wish to or object to these proposed settlements are required to submit a written objection to Class Counsel no later than June 21, 2013. Class Counsel will file copies of all objections with the courts.

DISTRIBUTION OF SETTLEMENT FUNDS

The settlement funds will be held in trust for the benefit of the settlement class members at this time.  The Plaintiffs and Class Counsel are currently developing a method for distributing the settlement funds to settlement class members. The courts will be asked to approve the distribution and claims process at a later date with notice to the settlement class members.

WHERE CAN CLASS MEMBERS GET MORE INFORMATION?

• For more information, or to register to obtain notice of approval of the settlement, visit: www.cfmlawyers.ca/dram

or contact Class Counsel:

• Please note, this news release is just a summary. 

Do not contact the courts directly about these settlements.

 

SOURCE DRAM Class Actions