Two global DRAM makers, Samsung Electronics Co. and Hynix Semiconductor Inc., have agreed to a proposed settlement in a Canada-based class action lawsuit on price-fixing, according to law firms associated with the action. The plaintiffs in the actions, filed in British Columbia, Ontario and Québec, claim that Samsung Electronics Co., Ltd., Samsung Semiconductor Inc., Samsung Electronics America, Inc. and Samsung Electronics Canada Inc. and Hynix Semiconductor Inc., Hynix Semiconductor America Inc. and Hynix Semiconductor Manufacturing America, Inc. and numerous other DRAM manufacturers conspired to fix the prices for DRAM or products which contain DRAM in Canada.
Pending court approval, Samsung will pay $22.6 million Canadian and Hynix will pay $15.60 Canadian to the plaintiffs. The agreement is contingent upon both companies providing cooperation that will assist in the prosecution of remaining defendants in exchange for a full release of claims against them and their related entities.
Members of the action include residents of Canada or the United States who purchased DRAM or products which contained DRAM in Canada between April 1, 1999 and June 30, 2002.
In order for these settlements to become effective, they must be approved by three courts, which must be satisfied that the settlements are fair, reasonable, and in the best interests of the class members. The settlement funds will be held in trust for the benefit of the class members. A method for distributing the funds is being developed.
