CD price fixing settlement
Posted 04 February 2003 - 10:36 AM
If the answer is yes-and it really should be-congratulations! You are entitled to up to $20, absolutely free. (If the answer is no, listen, you need to let go of the eight-tracks. Now.) JUST BY being a normal consumer, you were unwittingly one of millions of plaintiffs in a class-action lawsuit against the five major record companies and a handful of national retail chains which were on trial for illegally fixing the prices of compact discs. And guess what? You won! Actually, the lawsuit, brought by 41 state attorneys general, was settled out of court by the defendants last september to avoid a lengthy battle. The terms: they will pay $143 million in punitive damages. This is where you come in. Anyone who meets a three-part criteria-which essentially boils down to the question up top-is entitled to a chunk of the loot. Anyone. Even dead people. No joke. You can file on their behalf. (Visit http://www.musiccdsettlement.com.) Each slice of the pie is $20, though the slices will shrink depending on how many people apply. But only about 30,000 people have so far. The deadline is March 3. If 8.8 million people file, the entire payout will be handed over to charity and you won't get any cash. Just the pleasure of knowing you helped stick it to the Man.
Posted 04 February 2003 - 02:47 PM
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