Did you purchase a vehicle anywhere in Canada containing forged steel products or a replacement part for your vehicle that was made from forged steel products between 2002 and October 4, 2023?

VANCOUVER, BC, May 1, 2024 /CNW/ - Did you purchase a vehicle, anywhere in Canada containing forged steel products or a replacement part for your vehicle that was made from forged steel products between 2002 and October 4, 2023

If yes, then you may be entitled to compensation.

What is a class action?
A class action is a lawsuit filed by one person on behalf of a group of people who have the same legal claims.

What is this class action about?
This class action alleged that certain manufacturers of forged steel products conspired to fix the prices of these products, which then raised the prices of the vehicles containing the forged steel products manufactured, marketed, distributed and/or sold by the defendants, and the replacement parts for such vehicles.

Who is in the Class?
The court in British Columbia has certified the proceeding as a class proceeding against Musashi for settlement purposes only. The settlement class for the claims against Musashi includes anyone in Canada who bought or leased a vehicle, or who purchased vehicle replacement parts, that contained forged steel products manufactured, marketed, distributed and/or sold by the defendants including Musashi between 2002 and October 4, 2023.

What is a forged steel product?
A product made of forged steel is any product or part made of steel metal that is hammered and forced into a certain shape. Forged steel products produced by Musashi are found in vehicles and typical forged steel car parts include engine, transmission, axle, and suspension parts, among others.

What is the status of the class action?
Settlement has been reached with Musashi. It is the first defendant to enter into a settlement for this class action.

The Settlement
Musashi has agreed to pay CDN $595,000 to settle the claims against it. The settlement is a resolution of a contested claim and Musashi does not admit any liability, wrongdoing or fault.

What is the Settlement Approval process?
The Court must approve the settlement before it is final. The Final Approval Hearing to consider approval of the settlement which may also address the lawyer's fees will be held on September 6, 2024, 9:00AM Pacific Time at the BC Supreme Court at 800 Smithe Street, Vancouver, BC.

What if I want to exclude myself or object to the proposed settlement terms?
Opt-Out - If you do NOT want to participate in this class action proceeding and be bound by the settlement between Musashi and the Class, you have the right to opt out before July 30, 2024. The Opt Out form is available on Class Counsel's website.
Objections - If you object to the terms of the settlement, you may communicate your objection before July 30, 2024 date.

What happens if I do nothing?
If you are a class member and you do nothing, you will be bound by the terms of the Settlement if it is approved. You will not be able to bring your own lawsuit against the defendants for the actions that are alleged in this case. You will become part of the settlement class and share in any distribution of settlement funds (if any).

Where can I get more information?

SOURCE Slater Vecchio LLP

[email protected], 1-877-352-4504, www.slatervecchio.com/class-action/forged-steel-price-fixing-class-action/