TK Holdings occupant safety systems direct purchasers antitrust $84M class action settlement

Takata subsidiary TK Holdings will allocate $84 million in its bankruptcy reorganization plan as part of a settlement to resolve claims it conspired with other manufacturers to raise the price of vehicle occupant safety systems.

The settlement benefits direct purchasers of occupant safety systems (seat belts, airbags, steering wheels, steering systems, safety electronic systems and related components) who purchased parts from Autoliv, Tokai Rika, Toyoda Gosei, TRW and/or Takata between Jan. 1, 2003, and June 25, 2017.

TK Holdings is a Takata subsidiary that manufactures and distributes automotive safety systems. In 2017, after Takata recalled millions of airbags due to a faulty inflator, the company declared bankruptcy. 

TK Holdings is one of several companies included in an antitrust multidistrict litigation. According to plaintiffs in the case, TK Holdings and other manufacturers violated federal antitrust laws by conspiring together to fix the price of auto safety systems. 

Through an anti-competitive agreement and other actions, the defendants allegedly raised and stabilized the prices of life safety occupant systems such as airbags and seat belts. As a result, the companies were able to sell these products at a higher price than they otherwise would have in a fair market, the plaintiffs contend.

Previous settlements in the antitrust litigation were reached with Autoliv, Tokai Rika, Toyoda Gosei and TRW, providing $62 million in funds. Now, $84 million is available from TK Holdings’ Chapter 11 bankruptcy proceedings. These funds will be released as part of the company’s bankruptcy reorganization plan.

Under the terms of the TK Holdings settlement, direct purchasers can collect a cash payment based on the amount of eligible items they purchased. Class members who purchased a higher number of eligible occupant safety systems will be allocated a larger share of the settlement fund. Payment estimates are not available at this time.

The deadline for exclusion is Aug. 8, 2022. Class members who exclude themselves will not have the option to recover a payment from the settlement, but will retain their legal rights against the defendants. 

The final approval hearing for the TK Holdings settlement is scheduled for Sept. 15, 2022.

Class members filing a claim should include proof of purchase or other documentation to support their claim. 

In order to receive a settlement payment, class members must submit a valid claim form by Sept. 23, 2022. Class members who previously submitted a claim form with past related settlements do not have to submit another claim form for this TK Holdings settlement.

Who’s Eligible

The settlement benefits direct purchasers of occupant safety systems (seat belts, airbags, steering wheels, steering systems, safety electronic systems and related components) who purchased parts from Autoliv, Tokai Rika, Toyoda Gosei, TRW and/or Takata between Jan. 1, 2003, and June 25, 2017.

Potential Award

Varies

Proof of Purchase

Please provide invoices, purchase journals, accounts payable journals, etc., to support your claim

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

09/23/2022

Case Name

In re: Automotive Parts Antitrust Litigation, Master File No. 12-CV-00601 in the U.S. District Court for the Eastern District of Michigan, Southern Division

Final Hearing

09/15/2022

Settlement Website

AutoPartsAntitrustLitigation.com/OSS

Claims Administrator

Occupant Safety Systems Direct Purchaser Antitrust Litigation
P.O. Box 5110
Portland, OR 97208-5110
877-797-6093

Class Counsel

Steven A Kanner
FREED KANNER LONDON & MILLEN LLC

Gregory P Hansel
PRETI FLAHERTY BELIVEAU & PACHIOS LLP

Joseph C Kohn
KOHN SWIFT & GRAF PC

Eugene A Spector
SPECTOR ROSEMAN & KODROFF PC

Defense Counsel

Laura Davis Jones
David M Bertenthal
John A Morris
Peter J. Keane
PACHULSKI STANG ZIEHL & JONES LLP