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If you own a smartphone or computer, you may be eligible to cash in on new proposed electronics class-action settlements in Canada.
Two proposed nationwide settlements have been reached in proposed class actions concerning the alleged price fixing of linear resistors.
A linear resistor is an electronic component used to regulate the current in an electrical circuit. It is found in electronics such as computers, smartphones, gaming consoles, home appliances, and TVs.
According to law firm Foreman & Company, settlements have been reached with KOA Corporation and KOA Speer Electronics, Inc. for $3.3 million and Susumu Co., Ltd. and Susumu International (USA) Inc. for $90,000.
“KOA and Susumu deny that there was any anti-competitive conduct and any liability for the acts alleged,” reads a news release.
Who’s eligible for this class-action settlement?
If you’ve purchased linear resistors or products containing them between July 19, 2003, and September 14, 2015, you could be a member of the proposed class action.
However, you won’t be able to cash in on the settlements until they are approved by the Ontario, British Columbia, and/or Québec courts.
The approval hearings will occur on February 26, 2025, in Ontario; March 11, 2025, in British Columbia (KOA only); and April 8, 2025, in Québec.
“At the hearings, the Courts will determine whether the proposed settlement agreements are fair, reasonable and in the best interests of the Settlement Class,” explained Foreman & Company.
The settlement funds recovered in the class actions, plus accrued interest and minus court-approved class counsel fees, disbursements and applicable taxes, are being held in an interest-bearing trust account for the benefit of settlement class members.
The law firm says it will provide further details on the distribution of the settlement funds, including who is eligible to claim, how claims will be valued, and the deadline process for filing a claim.
You can find more information and sign up to receive updates on the law firm’s website.
