Minebea small bearings direct purchasers antitrust $9.75M class action settlement
Minebea agreed to pay $9.75 million to resolve claims it worked with other auto parts manufacturers to raise the price of small bearings.
The settlement benefits consumers and entities who purchased small bearings directly from Minebea Mitsumi Inc., NMB USA Inc., NMB Technologies Corp., NSK Ltd., NSK Americas Inc. and/or NSK Corp. between June 1, 2003, and Feb. 15, 2017.
Small bearings are bearings with an outer diameter of 30 millimeters or less, including those used in air conditioning compressors, alternators, anti-lock braking systems, cooling fans, fuel pumps, motors for electric control systems, starters, steering systems, transmissions, water pumps, wheels and windshield wiper motors.
According to the class action lawsuit, Minebea conspired with other auto parts manufacturers to raise and fix the price of small bearings. Direct purchasers allegedly suffered financial damages from this scheme when they were forced to overpay for small bearings.
Minebea Mitsumi is a machined parts manufacturer based in Japan.
Minebea hasn’t admitted any wrongdoing but agreed to resolve the antitrust class action lawsuit with a $9.75 million settlement.
Under the terms of the settlement, class members can receive a cash payment based on the amount they paid for small bearings purchased from the defendants. No payment estimates are available at this time.
The deadline for exclusion and objection is Aug. 25, 2023.
The final approval hearing for the settlement is scheduled for Oct. 12, 2023.
In order to receive settlement benefits, class members must submit a valid claim form by Oct. 26, 2023.
Consumers and entities who purchased small bearings directly from Minebea Mitsumi Inc., NMB USA Inc., NMB Technologies Corp., NSK Ltd., NSK Americas Inc. and/or NSK Corp. between June 1, 2003, and Feb. 15, 201
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