Philips, Pioneer To Settle Optical Disk Drive Multidistrict LitigationFor $50.5 million
By Jean-Jacques Maleval on 2017.03.16
To read this article from Law360, click on:
Philips, Pioneer To Settle Optical Disk Drive MDL For $50.5M
Electronics companies Pioneer and Philips will pay a combined $50.5 million in the latest settlement with consumers in a long-running multidistrict litigation alleging an industry wide price-fixing scheme over optical disk drives, according to documents filed in California court on Monday. Philips & Lite-On Digital Solutions Corp. will pay $40 million and Pioneer Corp. will pay $10.5 million, according to a motion for preliminary approval from the indirect purchaser plaintiffs. The proposals are the latest update in a multidistrict litigation consolidated in 2010 accusing electronics companies of colluding to fix the prices of optical disk drives, which are used to read or write data on CDs, DVDs and Blu-ray disks and can be found in computers, video game consoles and other devices. The deal, described as an 'exceptional result' for consumers, brings total recovery for the indirect purchasers so far to around $175 million, the motion says. Deals with Panasonic, NEC Corp., Sony and Hitatchi LG storage already were signed off on by U.S. District Judge Richard Seeborg.