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Proposed Music Industry Antitrust Settlement |
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A settlement webpage is now available for the antitrust suit that alleged that recording companies conspired to illegally raise the prices of prerecorded Music Products by implementing Minimum Advertised Price policies, in violation of State and Federal laws. (In re: Compact Disc Minimum Advertised
Price Antitrust Litigation Settlement). By settling, the recording companies admit no wrongdoing and only have to fork out $67,000,000 in cash and pre-recorded music that is valued at $75,000,000 (but, of course, costs the recording industry much, much less). Lawyers will benefit the most, but the average CD buyer can file a claim and get between $5 and $20 back, unless more than 13 million people respond, in which case the $67,000,000 cash settlement pool goes to charity. Charity is also guaranteed to get the $75,000,000 worth of pre-recorded music. Claims must be filed by March 3, 2003. [via MetaFilter].
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