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Old 03-13-2014, 06:27 AM   #1
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Default another legal circle jerk

After seeing a couple ads on TV, I looked into this.

Makers of a type of computer memory, DRAM, have been sued in a class action suit in Federal Court. The claim is price fixing from 1998 through 2002. A settlement has apparently been reached- $310 million. Anyone who bought electronics during those years is entitled to participate in the settlement, no proof of purchase required.

OK- no proof of purchase required to participate? Red flag right there.

So, I read part of the court documents. The expected settlement is $10 for each "small claimant". If "small claimants" number fewer than 2.5 million, the settlement amounts will be higher. If "small claimants" number more than 5 million, they will receive nothing and $40 million will be given to charity.

Purchasers of DRAM directly from the DRAM manufacturers are not eligible for a settlement.

So, what happens to the other $270-$285 million? Well, lawyers claim a fee of 25% ($77.5 million) PLUS their costs and expenses, totaling, in all, roughly $110 million. The rest (roughly $170 million) goes, presumably, to unnamed "large claimants", presumably companies who bought large amounts of electronic devices containing DRAM (e.g., my old employer, who bought 10's of thousands of computers, printers, etc.).

Sounds like another lawsuit that does nothing but make lawyers rich, rewards a few people and does nothing substantial for most people adversely affected.

BTW, the court documents claim you DO get a benefit, as DRAM makers will no longer overprice their product. Of course, the case also demonstrates DRAM makers stopped doing that over a decade ago...

Last edited by yarcraft91; 03-13-2014 at 08:11 AM.
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