Comment ZN Re: Class action screwiness


DRAM Manufacturers Settle in Price Fixing Class Action Suit


Class action screwiness (Score: 4, Informative)

by on 2014-04-04 14:22 (#ZE)

Granted, most class action settlements make no sense, but this one boggles the mind. If you read the actual distribution of the settlement (pages 5-6):
Splitting a 200M pool of cash (nice windfall for the lawyers and govt at $110M). Individuals get $10+, BUT only if there is less than 2.5M claims (this would be -$25M out of the $200M pool). If there are more than 5M claims, no claims will be honored, instead $40M will go to court approved non-profits (-$40M out of a $200M pool).

What happens if there are more than 2.5M, but less than 5M claims?
More confusing: where does the other $160M-$175M go? The govt. and lawyers already took their cut off the top.

Re: Class action screwiness (Score: 2, Interesting)

by on 2014-04-04 17:38 (#ZG)

Probably the best part of the whole thing was this line from the PDF:
In addition, Defendants have agreed not to engage in the conduct, that is the subject of the lawsuits, and have also agreed to compliance training and cooperation.

Re: Class action screwiness (Score: 2, Funny)

by on 2014-04-04 23:36 (#ZN)

Heh, missed that part. Can you picture the CEOs of all the companies in a Business Ethics 101 class? And didn't their "cooperation" get them in this mess in the first place?


Time Reason Points Voter
2014-04-07 12:02 Funny +1

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