Plaintiffs Seek OK to Distribute LCD Price-Fixing Settlement Money

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The lawyers representing indirect purchaser plaintiffs and the attorneys general for eight settling states have asked a California federal judge to approve the distribution of $1.1 billion from the LCD price-fixing class action settlement that was approved last year.

The LCD price-fixing class action lawsuits were initially filed back in 2006 following an investigation by the U.S. Department of Justice into claims that the world’s largest LCD manufacturers had conspired to fix the price of flat screen panels since 1999. The DOJ investigation has resulted in the manufacturers paying more than $1.3 billion in fines. Several companies have pleaded guilty and been convicted of criminal charges.

The plaintiffs allege consumers were overcharged for electronic devices that contained flat panels due to the price-fixing scheme. Due to the large number of similar complaints against the LCD manufacturers, the price-fixing class action lawsuits were centralized in multidistrict litigation (MDL), which is known as In re: TFT-LCD (Flat Panel) Antitrust Litigation.

The manufacturers of flat panel monitors deny the allegations but agreed to settle the price-fixing class action lawsuit to avoid the expense and uncertainty of ongoing litigation. The LCD price-fixing settlement received final approval in April 2013.

According to the court document, all appeals of the LCD price-fixing class action settlement have been dismissed. The Settlement Administrator has reportedly processed around 233,000 valid claims for purchases of more than 16 million televisions, computer monitors and laptops containing LCD panels.

Under the terms of the class action settlement, claimants will receive a pro rata share of the settlement fund. It is estimated that claimants will receive $45 per computer monitor and laptop, and $90 per TV. The actual amount Class Members will be eligible to receive depends on the number of valid claims received.

The deadline to file a claim for the LCD price-fixing settlement was Dec. 6, 2012. However, the class action lawyers have asked the court to accept claims that were submitted by June 6, 2014. “The whole point of these actions was to compensate as many injured claimants as possible,” the motion states.

A hearing on the matter has been scheduled for Oct. 17, 2014.

If you would like to know the status of your claim, email the Notice Administrator at info@lcdclass.com or call the toll-free hotline at 1-855-225-1886. More information can be found at www.LCDClass.com.

Top Class Actions has been reporting on the LCD indirect purchaser class action lawsuit and settlement since 2012. We’ll continue to provide updates as they go out.

If you missed out on the LCD class action settlement, sign up for our free newsletter to receive updates on new class action lawsuits and settlements. You can also check out which class action settlements are still accepting claims in our Open Class Action Settlements section.

The indirect purchaser plaintiffs are represented by Zelle Hofmann Voelbel & Mason LLP and Alioto Law Firm.

The LCD Price-Fixing MDL is In re: TFT-LCD (Flat Panel) Antitrust Litigation, Case No. 3:07-md-01827, in the U.S. District Court for the Northern District of California.

UPDATE: The following email was sent Sept. 12, 2014, by the Settlement Administrator to Class Members who filed claims:

UPDATE 2: A federal judge reportedly gave authorization to distribute the LCD class action settlement funds at a hearing on Oct. 17. 2014, and the checks are likely to be distributed the last week in October. Read more.

UPDATE 3: On Oct. 27, 2014, our readers began reporting that they finally received checks from the LCD panel class action settlement. Some readers have received checks worth hundreds of dollars. Let us know how much money YOU received in the comments section below. Congratulations!