Fasteners Antitrust Litigation Class Action Settlement

By Sarah Mirando | November 29, 2013

Category: Closed Class Actions

This settlement is closed!

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Almost two dozen Fastener manufacturers (collectively known as “Prym, YKK and Coats”) have reached a class action settlement over claims they engaged in a decades-long international price-fixing conspiracy to fix, maintain and raise the prices of Fasteners sold in the United States, in violation of federal antitrust laws. The term “Fasteners” includes zippers, snap fasteners, jeans buttons, hooks eyes, clamping locks, clip fasteners and rivets, and other fastening devices used in apparel, garments and footwear.

Under the combined $17.55 million class action settlement, U.S. consumers who purchased Fasteners directly from one of the defendants between Jan. 1, 1991, and Sept. 19, 2007, may be entitled to a share of the settlement proceeds. The class action settlement will be distributed among Class Members who file timely and valid Claim Forms postmarked on or before Dec. 15, 2013.

If approved at the Jan. 10, 2014, Final Fairness Hearing, the Fasteners settlement will resolve several class action lawsuits filed since 2007 that allege Prym, YKK and Cots entered into a conspiracy to fix prices, allocate markets and customers, and share sensitive business information. Plaintiffs further allege that as a result of the conspiracy, they and other direct purchasers of Fasteners have been injured by paying more for Fasteners than they would have paid in the absence of the alleged illegal conduct, and seek recovery of treble damages, together with reimbursement of costs and an award of attorneys’ fees.

Defendants deny the allegations but have agreed to make payments in the amount $1.1 million (Prym), $6.6 million (YKK) and $9.85 million (Coats) to resolve the litigation.

The amount of money that direct purchasers of Fasteners can claim from the class action settlement can’t be determined at this time, but will be based on the number of eligible claims filed and upon their direct purchases.

Detailed claim filing instructions for the Fasteners antitrust class action settlement are below.

The consolidated case is In Re: Fasteners Antitrust Litigation, MDL NO. 1912, U.S. District Court, Eastern District of Pennsylvania.