Minebea Mitsumi, Inc. $9,750,000 Settlement

In a recent development, a settlement has been reached in the Small Bearings Antitrust Litigation Direct Purchaser Class Action. The settlement, which was approved by the court on March 12, 2018, involves the MINEBEA Defendants and amounts to a hefty sum of $9,750,000. The litigation pertains to Small Bearings, which are bearings with an outer diameter of 30 millimeters or less, used in various automotive applications.

This article aims to provide detailed information about the settlement, including who qualifies as a class member, the awards they can claim, and the important dates to keep in mind. All the information provided is sourced from the official settlement website.

The $9,750,000 Settlement

The settlement amount of $9,750,000 was approved by the court on March 12, 2018. This amount is intended to compensate individuals or entities who purchased Small Bearings directly from either of the MINEBEA Defendants during the period from June 1, 2003, through February 15, 2017.

The settlement amount will be distributed among eligible class members who submitted a valid Claim Form by the deadline. The specific amount each class member will receive is not provided.

Important Dates

• Final Approval Date: March 12, 2018
• Deadline to File a Claim: October 26, 2023
  

Who Are the Beneficiaries of the Settlement?

The beneficiaries of the settlement, also known as class members, are individuals or entities who purchased Small Bearings directly from either of the MINEBEA Defendants during the period from June 1, 2003, through February 15, 2017.

Small Bearings are bearings with an outer diameter of 30 millimeters or less, used in various automotive applications such as air conditioning compressors, alternators, anti-lock braking systems, cooling fans, fuel pumps, motors for electric control systems, starters, steering systems, transmissions, water pumps, wheels, and windshield wiper motors.

What Can Class Members Claim?

The settlement amount will be distributed among eligible class members who submitted a valid Claim Form by the deadline. The specific amount each class member will receive is not provided.

Class members are entitled to a share of the $9,750,000 settlement amount. The exact amount each class member will receive will depend on several factors, including the total number of claims filed and the specific details of each individual claim.

Is Proof Required to Claim the Reward?

Yes, proof is required to claim the reward. The claim form asks for certain information relating to your purchases of Small Bearings, a description of available documentation that supports your claimed purchases, and summary totals of your purchases from each Defendant and for each year during the class period. The amount of your purchase must be net of all discounts and promotional pricing.

Why Is There a Class Action Settlement?

The class action settlement was the result of a lawsuit against the MINEBEA Defendants, alleging that they engaged in anticompetitive conduct related to the sale of Small Bearings. The settlement was intended to compensate those who were affected by this alleged conduct.

Following the Final Approval Date on March 12, 2018, eligible class members had until October 26, 2023, to submit their Claim Form and receive their share of the settlement amount.