What is the Case About?
A class action lawsuit alleging violations of the U.S. antitrust laws by several steel manufacturers. The steel manufacturers were sued by several businesses (“Plaintiffs”) for the alleged violations of restricting output and therefore raising or “fixing” the prices for Steel Products sold for delivery in the United States between April 1, 2005 and December 31, 2007 (the Class Period)
Who is Eligible:
All persons who purchased Steel Products directly from any of the Defendants or their subsidiaries or controlled affiliates at any time during the Class Period. What Steel Products are included?
Steel Products are defined as products derived from raw carbon steel, including all carbon steel slabs, plates, sheet and coil products, galvanized and other coated sheet products; billets, blooms, rebar, merchant bar, beams and other structural shapes; and all other steel products derived from raw carbon steel, except for certain products that have been excluded
How Much Will it Pay?
At this time, it is not known how much each Settlement Class Member will receive from the Settlements. It is common in cases like this one for the proceeds of settlements to be distributed on a pro rata basis, by calculating and comparing the dollar amounts of claimants’ purchases of affected products, or estimated overcharge amounts, or qualified claims.
At an appropriate time, Plaintiffs’ Counsel will propose, subject to the Court’s approval, a plan to allocate and distribute the Settlement Fund, less the costs of notifying the class and administering the settlement, and any attorneys’ fees and/or expense reimbursement awarded by the Court.
What is the Status?
The Settling Defendants have agreed to pay a total of $163.9 million for the benefit of the Settlement Class. There are four non-Settling Defendants. The settlement may grow if any of these Defendants settle.
The settlements with Defendants Commercial Metals Company, AK Steel Holding Corporation, Gerdau Ameristeel Corporation, ArcelorMittal, ArcelorMittal USA, Inc., and United States Steel Corp. (collectively, the “Settling Defendants”) have all received final approval from the court. Additionally, the court has approved the motion for attorneys’ fees.