Monday, March 9, 2015

How to Claim Your Money? DRAM Class Action Settlement

The DRAM Class Action Lawsuit Settlement has been reached. Have you claimed your refund yet? I submitted my DRAM claim and found the process fairly simple and fast.

Well, if you’re wondering what this is about, let me explain. DRAM stands for Dynamic Random Access Memory. It’s a type of memory chip that is used in computers and many electronic products.

Based on the lawsuit filed, Canadian were paying more for DRAM and devices that contained DRAM between April 1, 1999 and June 30, 2002. It was alleged that DRAM manufacturers agreed to price fix and thereby Canadians overpaid for the above mentioned products.

There were several “representative plaintiffs” who sued the DRAM manufacturers on behalf of “class members” (i.e. eligible Canadians). Some of the DRAM manufacturers pleaded guilty to the charges of DRAM price fixing. A settlement of over $80 million (includes interest earned) was reached with eleven DRAM manufacturers who pleaded guilty.

Canadians who currently live in Canada or lived in Canada between April 1, 1999 and June 30, 2002; and who purchased DRAM or electronic products containing DRAM are eligible to claim a refund. Also, if you currently live in the US or lived in the US during the above mentioned period, but purchased DRAM or electronic products containing DRAM, you will be eligible to claim a refund. This applies to individuals and companies who purchased the said products for personal, commercial, and manufacturing purposes.

There are different types of claims: (1) End Consumer, (2) Electronic Manufacturing Services, and (3) Other DRAM Purchaser claims. Depending in which category you fall, you will accordingly receive a set percentage of net settlement funds. You can check the FAQ Section (see Informational Links below) for more details. In case you have questions regarding the type of DRAM claim, you can call the Claims Administrator (NPT RicePoint) at 1-866-855-5586.

All eligible Canadians will receive a minimum of $20 refund on their claim. You do not require a receipt (for proof of purchase) if you submit a Simplified Claim (i.e. claiming no more than $20). For DRAM claims above $20, you will need to submit a Standard Claim and receipts/documentation may be required as proof of purchase. You can use the End Consumer Claim Calculator (see Informational Links below) to determine approximately how much you are eligible to claim from the DRAM settlement.

There is no cost involved in filing a DRAM claim. However, there is a deadline for claim submission which is June 23, 2015. Once you submit your claim, you will receive a confirmation with a claim ID. The Claims Administrator expects to start processing DRAM claim cheques in the Fall of 2015.

As mentioned earlier, I have already submitted my DRAM claim and found the process quite simple. It took me less than 5 minutes to file my claim online. Of course, if you are claiming more than $20, your claim may take longer to submit. You can watch the video below for more information:



Informational Links: