News / NTN: Notification of Partial Settlement at US Class Action
Date: 2016-11-20
NTN: Notification of Partial Settlement at US Class Action
Class action lawsuits(the “Class Actions”) against NTN Corporation and some of its subsidiaries have been pending in the United States District Court for the Eastern District of Michigan. NTN and its subsidiary in the United States (collectively, “NTN”) has reached an agreement to settle with certain plaintiffs on 17th November, 2016(JST)(16th of November, 2016(EST)) as below.
1. Process from Filing of Class actions to Settlement
The plaintiffs of the Class Actions alleged, among other things, that the defendants conspired with each other to fix prices of bearing sales, and sought damages, injunctive relief, and other relief against defendants. NTN denies that it engaged in any such conduct as relates to the U.S. market. NTN was investigated by the U.S. Department of Justice(“DOJ”) from November 2011 and received a letter from DOJ in March 2015 that NTN was no longer subject of its investigation. Nevertheless, in consideration of litigation costs and impact on operations, NTN concluded that it is best to settle all claims with indirect purchasers. The settlement, which does not contain any admission by NTN of any wrong-doing, will require the approval of the United States District Court for the Eastern District of Michigan.
2. Concerned Parties of the Settlement
Indirect purchasers
3. Settlement amount
US$ 10.05 million (Approximately ￥1.1 billion)
4. Future Prospects
NTN does not plan to revise its consolidated business forecast for the fiscal year ending March 2017. The Class Actions by other plaintiffs against NTN are still pending.
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