Sarah Mirando  |  August 23, 2011

Category: Legal News

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Zipper Antitrust Price-Fixing Class Action Lawsuit Proceeds

By Mike Holter

 

Zipper fastener antitrust class action settlement

UPDATE: A combined $17.55 class action settlement has been reached in the Fasteners Antitrust Litigation. See how to file a claim to receive a cash award if you purchased fasteners in the United States between 1991 and 2007.

 

A federal judge has ruled that an antitrust class action lawsuit accusing some of the world’s largest zipper- and fastener-makers of a decades-long international price-fixing conspiracy can move forward. The case is brought on behalf of a proposed class of direct U.S. purchasers of fasteners.

 

The zipper class action lawsuit, entitled In Re Fasteners Antitrust Litigation, is based on allegations that four groups of corporate zipper- and fastener-makers engaged in a conspiracy to fix prices and allocate customers and markets in the United States and worldwide for “fasteners,” in violation of Section 1 of the Sherman Act. The term “fasteners” includes zippers, snap fasteners, buttons, hooks and other fastening devices used in apparel, garments and footwear.

 

Close to 35 Plaintiffs allege in the fasteners antitrust class action lawsuit that high-ranking members of the Defendants’ management participated in meetings during which they fixed prices, allocated markets and customers, and shared sensitive business information. These allegations were based on a six-year investigation into the fasteners industry by the European Commission that uncovered a long-running, multifaceted conspiracy to fix prices. As a result of its investigation, the EC imposed fines totaling nearly $456 million on several of the Defendants. 

 

Numerous Defendants immediately filed motions to dismiss the case, including YKK Corporation and Coats Plc., but their appeals were denied.

 

The fasteners antitrust litigation is seeking treble damages, injunctive relief and attorneys’ fees and costs. The case is pending in the Eastern District of Pennsylvania. 

 

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