Mitsubishi settles cathode ray tube price-fixing lawsuit for $33M

Mitsubishi cathode ray tube settlement overview: 

• Who: Mitsubishi agreed to a settlement worth $33 million to resolve claims brought against it by indirect purchasers of cathode ray tubes. 
• Why: Indirect purchases claimed in a multidistrict litigation that Mitsubishi colluded with other companies to fix the price of cathode ray tubes found in technological devices such as televisions and computer monitors. 
• Where: The Mitsubishi settlement occurred in California federal court. 

Mitsubishi Electric Corp. agreed to pay $33 million to resolve years-old claims it colluded with other companies to fix the price of cathode ray tubes found in computer monitors and televisions. 

The Mitsubishi settlement agreement marks the end of multidistrict litigation against the company over claims brought against it by 150,000 indirect purchasers spanning 30 states and the District of Columbia.

Indirect purchasers, in requesting a judge to approve the settlement, argued in a motion filed last week that there was precedent for the deal and that Mitsubishi says it will create a fund for distribution. 

Mitsubishi settlement agreement would be tenth finalized in MDL, if approved

The Mitsubishi settlement would, if approved, become the tenth agreement to be approved in the MDL, bringing the total amount of recovery to $580.75 million on behalf of 175 million class members, Law360 reports.

Each of the indirect purchasers in the current Mitsubishi settlement agreement will be eligible to receive around $3,035 in compensation on average, according to estimates from the motion filed last week. 

A hearing to determine whether or not the Mitsubishi settlement will be formally approved is set for Sept. 22, Law360 reports. 

Mitsubishi was involved in a separate class action settlement earlier this year made to resolve allegations the company was involved in fixing the price of fuel injection systems. 

In the settlement, which is now closed, Mitsubishi agreed to pay more than $13 million to end claims brought against it by a class of direct purchasers in May 2015. 

Have you been affected by the alleged price-fixing of cathode ray tubes? Let us know in the comments! 

The plaintiffs are represented by Mario N. Alioto, Joseph M. Patane and Lauren C. Capurro of Trump Alioto Trump & Prescott LLP. 

The Mitsubishi cathode ray tube lawsuit is In re: Cathode Ray Tube (CRT) Antitrust Litigation, Case No. 4:07-cv-05944, in the U.S. District Court for the Northern District of California. 

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