By Joe Mullin / PaidContent.org / January 3, 2011
Did Wal-Mart and Netflix illegally divide up the DVD market back in 2005? Wal-Mart has denied the allegations, but the retail giant is now set to cut a check—for anywhere from $29 million to $40 million—to make them go away.
The settlement Wal-Mart has agreed to is outlined in papers that were filed with the Oakland federal court that is hearing the class-action lawsuit. Wal-Mart will give either cash or a Walmart.com gift card to every “class member” who asks for one, and will spend no less than $29 million and no more than $40 million. The class—which has now been certified by the judge overseeing the case—includes everyone who has paid for a Netflix subscription since 2005. The exact size of the class still hasn’t been determined, but Netflix today has more than 16 million members in the U.S. and Canada. The settlement applies only in the U.S.
The judge overseeing the case still has to approve the settlement, which is a normal step in class-action lawsuits. Wal-Mart first agreed to settle the case back in August but didn’t disclose the cost of the settlement or any details.
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Colluded with Wal-Mart to do what exactly? I’m not getting what they did to “split” the dvd market…anyone, anyone? I hate WalMart, but Love Netflix….mostly because they forced Blockbusting ripoff into bankruptcy. Would like this better explained….lol