Automotive Parts Antitrust Litigation Reaches $1 Billion
A history-making litigation arising out of price-fixing and bid-rigging conspiracies among automotive parts manufacturers has surpassed $1 billion in settlements. This litigation has been going on for years, since 2011, and might be years more before payments are sent out.
This Automotive Parts Antitrust Litigation alleges that automotive parts manufacturers rigged bids and were involved in price fixing of their products. In the litigation, which encompasses 41 coordinated class actions against more than 160 defendants, end-payor consumers and businesses allege they purchased or leased new automobiles at prices that were artificially inflated as a result of the defendants’ anticompetitive conduct. The most recent settlements, announced on February 22, 2018, call for Sanden to pay $7.6 million and Tenneco to pay $17.48 million, respectively, bringing the total recovery fund to more than $1 billion. The litigation continues against the remaining non-settling defendants.
Who is Eligible?
Almost anyone who has owned a car in the last 23 years. You may be included if, at any time between 1995 and 2018, depending upon the component part, you:
- bought or leased a qualifying new vehicle in the U.S. (not for resale) or
- indirectly purchased a qualifying vehicle replacement part (not for resale)
The Settlements, totaling approximately $1.04 Billion, provide money for consumers in 30 states and the District of Columbia.
Conclusion
You can check if your make and model is included here. I assume that most people will qualify as all major makes and models are included in the settlement. Make sure you file a claim if you;re eligible. You probably won’t see a check any time soon, but once you do it could be a nice surprise, years from now.
HT: Doctor of Credit
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