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NSK Ball Bearings Cartel Class Action Settlement Overview:
- Why: The deal will end litigation that alleged NSK participated in a cartel to fix prices of small-size ball bearings, which raised the prices of the bearings and products containing them.
- Who: NSK Ltd. and NSK Canada Inc. reached a settlement in national class action lawsuits.
- Where: The class action lawsuit was filed in Ontario superior court
NSK Ltd. and NSK Canada Inc. reached a settlement in Canadian class action lawsuits in which it will pay CAD $600,000 to those who were affected by NSK’s alleged price fixing of small-size ball bearings.
NSK will pay the $600,000 to settlement class members. However, NSK does not admit to liability, fault, or wrongdoing. Instead, the deal is a compromise between the parties reached over several months.
The settlement class includes anyone who purchased a small-size ball bearing or a product containing a small-size ball bearing between June 1, 2003 and Oct. 31, 2011.
The settlement must still be approved by the courts. It is set to be heard by the Québec Superior Court on May 2, 2022; the Ontario Superior Court on June 7, 2022; and the British Columbia Supreme Court on June 28, 2022.
NSK Cartel Raised Ball Bearing Prices, Complaints Said
The class action lawsuits alleged that NSK was part of an illegal cartel aimed at fixing the prices of small ball bearings in Canada. Their alleged actions increased the prices of small ball bearings and products containing them.
Small-sized ball bearings are perfectly round metal balls, with an outside diameter of 26 millimetres or less. They are typically used in other products to reduce friction between surfaces. Small ball bearings are often found in products like communication devices, household appliances, video cameras, personal computers, printers, air conditioning units, vacuum cleaners, fishing reels and power tools.
NSK Settlement Adds to Prior $1.5M Deal
This is the second and final settlement to be reached in the class action lawsuits against NSK. A previous settlement worth CAD $1.5 million was reached with MinebeaMitsumi Inc. (formerly Minebea Co. Ltd.), NMB Korea Co., Ltd., NMB (USA) Inc. and NMB Technologies Corporation.
This latest NSK settlement amount will be added to the previous settlement funds for distribution to class members after court-approved fees, disbursements and applicable taxes.
If approved, the NSK settlement will completely resolve the litigation. The courts must also approve in future how the settlement funds will be distributed and how class members can apply to receive their share of the funds.
If you bought a small-size ball bearing or a product with one, you may be eligible for the class settlement!
Settlement class members are represented by Belleau Lapointe, s.e.n.c.r.l. in Québec, Camp Fiorante Matthews Mogerman LLP in British Columbia, and Foreman & Company Professional Corporation throughout the rest of Canada.
The NSK Ball Bearings Cartel Class Action Settlement is Clark, et al. v. NSK Ltd., et al. in the Ontario Superior Court of Justice.
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