Settlement Reached with Occupant Safety Systems Manufacturer in Price Fixing Class Action Lawsuit

DETROIT, June 27, 2022 /PRNewswire/ -- Freed Kanner London & Millen LLC; Kohn, Swift & Graf, P.C.; Preti, Flaherty, Beliveau & Pachios LLP; and Spector Roseman & Kodroff, P.C. as Class Counsel for the proposed TK Holdings Settlement Class ("Settlement Class Counsel") announce that the United States District Court for the Eastern District of Michigan Southern Division ("Court") has approved the following announcement of a proposed class action settlement with Joseph J. Farnan, Jr., solely as Trustee of the Reorganized TK Holdings Trust (the "TK Holdings Trustee"). The lawsuit claims that Defendants conspired to raise, fix, maintain, and stabilize prices, rig bids, and allocate markets and customers for Occupant Safety Systems sold in the United States in violation of federal antitrust laws.

Plaintiffs, on behalf of themselves and the TK Holdings Settlement Class, entered into a settlement agreement with the TK Holdings Trustee, which allows Plaintiffs' claim as a general unsecured, non-priority claim in the amount of $84,000,000 under the TK Holdings Chapter 11 Bankruptcy Reorganization Plan.

The settlement affects direct purchasers of Occupant Safety Systems in the United States from any of the following entities (or their controlled subsidiaries, affiliates, or joint ventures) during the period from January 1, 2003 through June 25, 2017: Autoliv Inc.; Autoliv SP Inc.; Autoliv BV & Co. KG; Autoliv Japan Ltd.; Takata Corp.; TK Holdings Inc.; Tokai Rika; TRAM Inc.; TRW Automotive Holdings Corp.; TRW Deutschland Holding GmbH; Toyoda Gosei Co Ltd.; Toyoda Gosei North America Corp.; and TG Missouri Corp.

A hearing will be held on September 15, 2022, at 2:00 p.m., before the Honorable Sean F. Cox, United States District Judge, at the Theodore Levin United States Courthouse, 231 West Lafayette Boulevard, Detroit, MI 48226, Courtroom 817 (or such other courtroom as may be assigned for the hearing), to determine whether to approve the proposed settlement and the proposed plan of distribution of the TK Holdings Settlement Fund.

A Notice of Proposed Settlement and Claim Form (the "Notice") was mailed to potential Settlement Class members on or about June 20, 2022. The Notice describes the litigation and options available to Settlement Class members with respect to the TK Holdings settlement in more detail. The Notice also explains what steps a Class Member must take to: (1) remain in the Settlement Class and share in the settlement proceeds; (2) object to the proposed settlement; or (3) request exclusion from the Settlement Class. The Notice and other important documents related to the settlement can be accessed at www.AutoPartsAntitrustLitigation.com/OSS, or by calling 877-797-6093 or writing to Occupant Safety Systems Direct Purchaser Antitrust Litigation, P.O. Box 5110, Portland, OR 97208-5110. Those who believe they may be a member of the TK Holdings Settlement Class, are urged to obtain a copy of the Notice.

SOURCE: United States District Court for the Eastern District of Michigan, Southern Division

URL: www.AutoPartsAntitrustLitigation.com/OSS

SOURCE The United States District Court for the Eastern District of Michigan, Southern Division