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Panasonic Corporation, Samsung Electronics Co., Hitachi Ltd., and close to 20 other companies have been hit with multiple antitrust class action lawsuits within the last couple weeks for allegedly fixing high prices on essential key electrical circuit board components. These electrical circuit boards are used in common appliances and devices found in many households, and in most modern automobiles, meaning these class action lawsuits potentially affect almost every consumer in the United States.
On July 18, Chip-Tech, Ltd., a New York company, filed an antitrust class action lawsuit alleging that Panasonic, Sanyo, Samsung and over two dozen other companies and subsidiaries conspired together to restrict aluminum and tantalum electrolytic capacitors trading, actions that violate the Sherman Act.
According the circuit board antitrust class action lawsuit, “In their collective and individual consideration of the market conditions, Defendants agreed to operate as a cartel to foreclose competition and protect each of its members from price competition.”
Plaintiff Chip-Tech also alleges, “Defendants together reached an agreement to concertedly fix prices and reduce output on aluminum and tantalum electrolytic capacitors some time before, and in any event no later than, January 1, 2005.”
The class action lawsuit also claims that by setting the market price at such an exorbitant rate, Chip-Tech and other Class Members unfairly paid artificially inflated prices for directly purchased capacitor materials.
According to the circuit board class action lawsuit, the scheme was allegedly effective, since the market price of per unit price of tantalum electrolytic capacitors increased from $0.008 to $8.82. Similarly, the class action lawsuit also alleges that the price of aluminum capacitors had stayed at a steady $46 during the Class Period, although it experienced a price decline in years prior.
In the circuit board antitrust class action lawsuit, Chip-Tech has asked the court to certify a Class of direct purchasers who bought aluminum or tantalum electrolytic capacitors from any and all of the named defendants since 2005. Other similar class action lawsuits define the same Class Members and Class Period.
The outcome of the antitrust class action lawsuit against these large name tech producing companies that collectively control about 70% of the market could potentially have far reaching consequences for consumers.
Nearly every device consumers use contains at least one capacitor, the class action lawsuit explains. An average smartphone, for example, contains between 300 to 500 capicitors. Computers contain anywhere between 100 and 700 capictors. Most modern automobiles use hundreds of capicitors on their onboard electrical, navigation, entertainment and diagnostic systems, the class action explains.
“The global revenues for all manufacturers in the capacitor industry in 2013 totaled approximately $16 billion, based on the sales of trillions of capacitors,” and industry analysts estimate that global revenues will reach $18 billion for 2014 and over $20 billion by 2016, the class action lawsuit says.
A few days after Chip-Tech filed their antitrust class action lawsuit, Panasonic and the alleged participating companies in the “cartel” were hit with another antitrust class action lawsuit filed by a Florida-based electronic parts supplier, Dependable Component Supply Corporation.
Dependable has made the same allegations as Chip-Tech, that Panasonic, Samsung, and nearly two dozen other companies purposefully restricted aluminum and tantalum capacitor trading for their own benefit beginning around January 2005 to present. Like Chip-Tech, Dependable alleges that this type of market regulation and colluding among these companies is in violation of the Sherman Act.
Dependable, Chip-Tech, and the Class are represented by Joseph R. Saveri, Andrew M. Purdy, James G. Dallal and Ryan J. McEwan of Joseph Saveri Law Firm Inc., Solomon B. Cera and C. Andrew Dirksen of Gold Bennett Cera & Sidener LLP, Eric L. Cramer and Ruthanne Gordon of Berger & Montague PC, Vincent J. Esades of Heins Mills & Olson PLC, and Steven J. Greenfogel and Joseph J. DePalma of Lite Depalma Greenberg LLC.
The first Circuit Board Class Action Lawsuit is Chip-Tech Ltd. v. Panasonic Corp., et al., Case No. 3:14-cv-03264, in the U.S. District Court for the Northern District of California
The second Circuit Board Antitrust Class Action Lawsuit is Dependable Component Supply Corp. v. Panasonic Corp., et al., Case No. 3:14-cv-03300, in the U.S. District Court for the Northern District of California.
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13 thoughts onClass Action Lawsuits: Consumers Were Juiced for Circuit Board Parts
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When were the checks issued? Have they been issued?
I GOT MINE MID-APRIL FOR 212.75
Where are the claim forms for this settlement? Looks like its closed too soon to even file for claims.smh
I find it sickening that the public constantly pays the price for big businesses mistakes. I have thrown away 3 Panasonic’s within 2 years I gave up on iphone products when i bought my kids one for christmas and by following year components were fried i was pissed. wont matter we spend thousands, i mean thousands on their products and than pay for repairs and ultimately replacements.
Hi, were there ever claim forms for this case
It’s Panasonic, and they think they’re bulletproof. Flat panel TV’s with 15 month lifespans due to dangerous electrical components which can cause fires when they fail, price fixing, what’s next??? We have purchased multiple smart phones over the last 10 years, multiple laptops and two tablets. All Panasonic cares about is the almighty dollar!
I have purchased two smart phones (HTC) an iphone 4 , ipod 5 for my daughter and a laptop computer (Apple) ipad and iphone 5 for my mom. All of this was from 2010 till today.This sounds really sad that they can do this and get away with it.
So many companies price gouge their tech thinking no one understands the tech enough to ever do anything about it. It is why I refuse to buy Intel product, you get better quality and pay a lot less buying AMD. Most brand PC manufacturers use mostly generic low quality cases , cooling, and other vital parts and charge you 5 times the actual value of the PC. Be smart, build your own, and compare prices and you can get a fair deal even among the sharks. In the pc world most often a 200 dollar key board is no more efficient than a 20 dollar key board, however your internal PC parts vary in quality considerably and it is quite easy to be taken advantage of if you do not know what a quality item is, or what it should be valued at.
I hate price fixing when will the government start sending people to jail for stealing from the public?
The companies who did the price fixing will only have to give back pennies on the dollars that they stole from all of us.
Nice thought but good luck. When are the people going to start sending the government officials to jail for stealing and lying to the people of the world.
Nice thought but good luck. When are the people going to start sending the government officials to jail for stealing and lying to the people of the world. Never