NSK released the Notification of Partial Settlement
Resource from: NSK Likes:189
Jul 25,2016
Class actions (the “Class Actions”) against NSK Ltd. and some of its subsidiaries in Japan and the United States (collectively, “NSK”), have been pending in the United States District Court for the Eastern District of Michigan. It is hereby announced that, as described below, NSK has agreed to settle with some indirect purchasers that are part of the plaintiff classes on the 22nd of July, 2016 (JST) (21st of July, 2016 (EST)).
1. Process from Filing of Class Actions to Settlement
The plaintiffs of the Class Actions have alleged, among other things, that the defendants, including NSK, conspired with each other to restrict competition in sales of bearing products and other products in the United States, and have sought damages, injunctive relief, and other relief against the defendants. As a result of negotiations with some of the indirect purchaser plaintiffs, NSK came to the conclusion that the best option to resolve those plaintiffs' claims was an early settlement and so reached a settlement with some of the indirect purchasers.
2. Concerned Parties of the Settlement
Indirect purchasers (automobile dealers and end buyers of automobiles)
3. Contents of the Settlement
Settlement Amount: US$34.5 million (Approximately ￥3.6 billion)
The settlement will require the approval of the United States District Court for the Eastern District of Michigan.
4. Future Prospects
NSK does not plan to revise its consolidated business forecast for the fiscal year ending March 31, 2017. The Class Actions by other plaintiffs against NSK are still pending.
The Class Actions are based on the actions that the U.S. Department of Justice investigated, which ended no later than July 2011; in other words, the filing of the Class Actions does not mean that any other suspicious conduct at NSK has been found in the United States thereafter. However, NSK recognizes the gravity of the incident described in this press release, and in addition to the preventive measures NSK has already developed, NSK will continue to develop measures to enhance its compliance systems, including the strengthening of internal controls and further education and training of relevant personnel.
(NSK)
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