Judge OKs Settlement In Price-Fixing Suit
In re Fasteners Antitrust Litigation $17.6 Million Settlement
Date of Settlement: Jan. 24.
Court and Case No.: U.S. District Court, E.D. Pa. No. 08-md-1912.
Judge: R. Barclay Surrick.
Type of Action: Antitrust.
Injuries: Financial losses.
Plaintiffs Counsel: Bernard Gross, Law Offices of Bernard M. Gross, Philadelphia; Joseph C. Kohn, Kohn, Swift & Graf, Philadelphia; Gerald J. Rodos, Barrack, Rodos & Bacine, Philadelphia; Gregory K. Arenson, Kaplan Fox & Kilsheimer, New York.
Defense Counsel: Peter E. Halle, Morgan, Lewis & Bockius, Washington D.C.; Jonathan K. Youngwood, Simpson Thacher & Bartlett, New York; Steven A. Reiss, Weil, Gotshal & Manges, New York.
Comment: Three major manufacturers of zippers, snaps, buttons and hooks have settled for $17.6 million with a class of thousands of plaintiffs in a multidistrict litigation case alleging price-fixing.
U.S. District Judge R. Barclay Surrick of the Eastern District of Pennsylvania granted final approval of the deal, including the $5.85 million in attorney fees requested by the lead counsel for the plaintiffs to come out of the settlement fund.
Coats is paying the largest share of the settlement with $9.85 million, YKK is paying the next largest share with $6.6 million, and the smallest share comes from Prym, which has been in a "precarious" financial situation, according to the opinion. It is paying $1.1 million.