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Zelle Hofmann Voelbel & Mason LLP Announce Notice of Class Action Lawsuits and Settlements
Legal Business |
2011/06/20 08:24
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If You Bought Static Random Access Memory (SRAM) Between November 1, 1996 to December 31, 2006, Class Action Lawsuits and Settlements May Affect You
SRAM is used in many computers, smart phones, PDAs and other electronic devices
Para una notificacion en espanol, llamar o visitar nuestro website
A federal court certified a nationwide settlement class of individuals and companies that purchased SRAM indirectly from one or more Defendants (the "Settlement Class"). Defendants are corporations that indirectly sold SRAM to customers in the United States. For a full list of the defendants, visit the website below. The case is In Re Static Random Access Memory (SRAM) Antitrust Litigation, No. 4:07-md-1819 CW in the U.S. District Court for the Northern District of California.
What is the Class Action About?
Plaintiffs claim that the Defendants conspired to fix, raise, maintain or stabilize prices of SRAM in violation of antitrust, unfair competition and unjust enrichment laws, resulting in overcharges to customers who indirectly purchased SRAM. Defendants deny that they did anything wrong. The court has not decided who is right. Defendants Samsung Electronics Co., Ltd., Samsung Electronics America, Inc. and Samsung Semiconductor, Inc. and Defendant Cypress Semiconductor Corp. (the "Settling Defendants") have agreed to settle with Plaintiffs; they continue to deny liability, but settled to avoid litigation expense and risk.
Who's Included?
You are a member of the Settlement Class and could get benefits if you indirectly purchased SRAM from one of the Defendants in the United States during the period November 1, 1996 through December 31, 2006. SRAM is a memory part or module that is sold by itself or as a part in electronic devices.
What Does the Settlement Provide?
The Settling Defendants have agreed to pay a total of $15,900,000. Copies of the Settlement Agreements are available at the website below. In 2010, the Court approved settlements with other defendants that total $25,422,000 (the "2010 Settlements"); those settlements are now final and binding on the Settlement Class.
How Will the Money Be Distributed?
The total Settlement Fund from all settlements is $41,322,000. The Settlement Class includes indirect purchasers of SRAM that resold Defendants' SRAM ("Resellers"), as well as indirect purchasers of Defendants' SRAM that purchased it for their own use and not for resale ("End Users"). The Net Settlement Fund (the Settlement Fund minus court-approved costs, attorneys' fees and incentive awards), will be distributed as follows: (1) 36.7% of the Net Settlement Fund will be distributed to qualified Resellers through a court-approved claims process; and (2) 63.3% of the Net Settlement Fund will be distributed via a court-approved cy pres plan to non-profit charities for the benefit of End Users. The cy pres portion of the distribution plan is due to the high cost of processing claims and making direct cash distributions to many thousands of potential claimants relative to the average likely award to those claimants. Under the cy pres plan of distribution, payments will not be made to individual class members; instead, that portion of the Net Settlement Fund will be distributed to court-approved non-profit charities. Go to the website below to see the distribution plan details or the proposed list of non-profit charities. Unclaimed funds from the Reseller claims process, if any, will be added to the cy pres distribution. Class Counsel will request attorneys' fees in the amount of one-third of the Settlement Fund, reimbursement of their costs and expenses, and incentive payments for the court-appointed class representatives. The attorneys' fees application shall be filed by August 1, 2011, and will be posted on the case website.
Who Represents You?
The Court has appointed Zelle Hofmann Voelbel & Mason LLP as Class Counsel. You do not have to pay these lawyers to represent you. You may hire your own attorney, if you wish; however, you will be responsible for your own attorney's fees and expenses.
What Are Your Options?
If you do not want to be a part of the Settlement Class or legally bound by the Samsung and Cypress settlements, you must exclude yourself from the Settlement Class. You may not exclude yourself from the 2010 Settlements. To exclude yourself from the Settlement Class, you must do so in writing, postmarked no later than August 25, 2011.
The Court has scheduled a Fairness Hearing for October 6, 2011 and will consider whether to approve the proposed settlements, distribution plan and requests for attorneys' fees, costs and incentive payments. This date may change without further notice. Any new hearing date or time will be posted on the website below.
You may object to or comment on any part of the proposed settlement. Your objection/comment must be filed with the Court by August 25, 2011. You may also request in writing to speak at the Final Approval Hearing.
If you are a Reseller and want to make a claim, or for more information, you may 1) write to SRAM Indirect Litigation, P.O. Box 8090, San Rafael, CA 94912, 2) call the toll free phone number 1-866-252-7551, or 3) visit the website www.indirectsramcase.com
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Fed proposes expanding capital reviews to 35 banks
Legal Business |
2011/06/10 23:51
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The Federal Reserve wants a broader group of banks to provide details each year about their finances, part of an effort to ensure banks can meet their capital requirements and avoid another financial crisis.
The Fed currently requires the nation's 19 largest banks to submit capital plans annually. The proposal unveiled Friday would expand the list to the 35 largest banks by requiring firms with assets of $50 billion or more to submit annual plans.
Capital is the amount of reserves that a bank holds as a cushion against losses. If the Fed determines a bank doesn't have adequate capital, it can order it to stop paying dividends to stockholders. The central bank is taking comments on the proposal through August and has plans to implement it by January.
The financial overhaul law passed last year directed federal regulators to do a better job monitoring the level of capital that banks keep on hand. Banks have been fighting many of the more stringent controls being imposed under last year's legislation. They contend the tighter rules are not necessary and will restrict their ability to make loans.
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Ark. court upholds conviction in TV anchor slaying
Legal Business |
2011/06/02 09:05
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The Arkansas Supreme Court has rejected an appeal by a man convicted of killing a Little Rock television anchorwoman.
Justices said Thursday that Curtis Vance's objections are without merit.
Vance had appealed his capital murder and rape convictions in the October 2008 death of KATV anchor Anne Pressly in her Little Rock home. Last month, the state's highest court granted Vance's request not to hold oral arguments in his appeal and instead relied on briefs that had already been filed.
Vance was sentenced to life in prison in 2009 for the rape, robbery and slaying of Pressly.
Pressly was a 26-year-old anchor on KATV's "Daybreak" program. She appeared briefly in "W," Oliver Stone's biopic on President George W. Bush.
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Wis. DOJ asks court to lift ban on union law
Legal Business |
2011/05/30 13:45
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State attorneys asked the Wisconsin Supreme Court on Friday to immediately vacate a Madison judge's decision striking down Republican Gov. Scott Walker's contentious collective bargaining law.
Judge Maryann Sumi invalidated the law on Thursday after finding Republican legislators violated Wisconsin's open records law during the run-up to passage in March. The decision came in a lawsuit Democratic Dane County District Attorney Ismael Ozanne filed challenging the law.
The state Justice Department is representing the Republicans. The agency's attorneys asked the state Supreme Court to take the case and the court set oral arguments on whether it should make a move for June 6. Deputy Attorney General Kevin St. John said in a letter to the justices late Friday they need to act now.
St. John said the issues have been fully briefed so the court can immediately vacate Sumi's decision without hearing any further argument.
He argued Sumi issued the decision on her own, even though no one involved in the case had asked for such a ruling. She didn't give any of the parties a chance to be heard on the final disposition.
He also reiterated the Justice Department's argument that the Republicans can't be sued because they enjoy legislative immunity and Sumi can't invalidate the law due to an open meetings violation. |
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Polygamous church dispute may head to Utah court
Legal Business |
2011/05/02 09:08
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An internal tug-of-war over control of jailed polygamous sect leader Warren Jeffs' southern Utah-based church may force Utah courts to walk a constitutional tightrope that experts say could tread a little too close to separation of church and state.
The presidency of the 10,000-member Fundamentalist Church of Jesus Christ of Latter Day Saints has been in question since March 28, when church bishop William E. Jessop filed papers with the Utah Department of Commerce seeking to unseat Jeffs as president of the church corporation. Under state law, the move automatically put Jessop in power.
That set into motion a flurry of filings from Jeffs loyalists removing Jessop and claiming that some 4,000 church members have pledged their loyalty to their incarcerated leader.
Monday marks the deadline set by commerce officials for both parties to resolve the dispute or a legal showdown might be set in motion since, if no agreement is reached, the state says power will revert back to Jeffs. |
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