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Zelle Hofmann Voelbel Mason LLP Announce Notice of Class Action
Industry News |
2011/06/20 08:22
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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 amp; 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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2 ex-judges, lawyer back to prison in Miss scheme
Industry News |
2011/06/13 20:30
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Two ex-judges and an attorney from Mississippi must return to federal prison for their convictions in a loan scheme.
A federal appeals court had vacated their bribery convictions but upheld the guilty verdicts on corruption charges. So they needed to be resentenced.
U.S. District Judge Henry T. Wingate denied requests by Paul Minor and former Harrison County judges Wes Teel and John Whitfield to be re-sentenced to time they have already served.
Wingate on Monday sentenced Minor to eight years, Teel to four and Whitfield about six — all less than previous.
Prosecutors said Minor would guarantee loans for the judges, then used cash and third parties to pay off the debts. Judges then ruled in his favor in civil cases. He has long said he is innocent and was making loans to help friends. |
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NY lawyers: Affair with boss led to inside trades
Industry News |
2011/06/13 20:29
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Lawyers for a woman blamed by an insider trading co-defendant for using pillow talk to get inside secrets faulted her boss on Monday, saying he bullied her during a 20-year affair to make her get illegal secrets for him.
The lawyers, seeking leniency for Danielle Chiesi, wrote in a submission to a federal judge in Manhattan that Chiesi was manipulated by her boss, Mark Kurland, for nearly two decades as he carried on the affair, which began when he was 40 years old and she was 22.
Chiesi, now 45, pleaded guilty in January to conspiracy and securities fraud charges, and her voice was heard frequently on audio tapes played last month at the trial of her friend Raj Rajaratnam, a one-time billionaire hedge fund founder awaiting sentencing in what prosecutors say is the biggest case ever to result from hedge fund insider trading. The conviction of three more defendants by a jury Monday means all of more than two dozen people arrested in the case have been convicted.
Chiesi's lawyers asked a judge to reject the government's request that Chiesi be sentenced to three to four years in prison, saying she is less culpable than Kurland, who already has been sentenced to two years and three months behind bars. |
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NY jury convicts 3 in NYC hedge fund trial
Industry News |
2011/06/13 20:29
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The second trial to result from a massive investigation into insider trading at hedge funds ended Monday with the conviction of a trio of Wall Street traders on charges they paid hefty bribes to coax confidential information out of shady lawyers.
A jury reached the verdict against stock trader Zvi Goffer and two others in federal court in Manhattan after deliberating five days since June 2. It came a month after the conviction of Raj Rajaratnam, the one-time billionaire who founded the Galleon Group of hedge funds and who was once Goffer's boss.
Goffer, his brother Emanuel and Michael Kimelman were convicted of conspiracy to break securities laws. The men were permitted to remain free on bail pending sentencing, set for the fall.
The defendants, who had insisted they based trades only on public information, remained calm during the verdict. Zvi Goffer's wife and mother left the courtroom in tears. |
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