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Various Defendants (see description below)

Company NameVarious Defendants (see description below)
Stock SymbolN/A
Class PeriodJanuary 01, 2005 to September 02, 2014


The allegations of the action are that the defendants engaged in a collusive and concerted restraint of trade in aluminum and tantalum electrolytic capacitors. Defendants are leading manufacturers and direct competitors in the global capacitors industry.

Capacitors are in in virtually every electrical product known to man.  Capacitors are one of the fundamental components found in electrical circuits.  As a result of declining demand since the early 2000s, and to ensure that sales of their products would remain profitable, Defendants agreed that price competition among themselves for their mutually interchangeable aluminum and tantalum electrolytic capacitors had to cease.

The Allegations

For approximately the last nine years, Defendants conspired together by directly and indirectly communicating with each other to effectuate a scheme to control market prices of aluminum and tantalum electrolytic capacitors directed toward and sold into the United States.

This conspiracy was furthered and facilitated by a course of anticompetitive conduct, including agreements and understandings among Defendants to fix, raise, maintain and stabilize prices for aluminum and tantalum electrolytic capacitors and to restrain their respective product output through extending product lead times. 

Defendants’ cartel has been successful in achieving the anticompetitive and unlawful ends for which it was formed.  Through their concerted actions, Defendants created the market conditions that made it economically feasible for all cartel members to fix, raise, maintain or stabilize artificially high prices on the capacitors they sold during the Class Period to purchasers in the United States. Defendants were effective in moderating the normal downward pressures on prices for capacitors caused by price competition, oversupply, reduction of demand and technological change.

The Investigations

Defendants’ anticompetitive acts recently have drawn the attention of law enforcement and regulatory agencies in the United States, the People’s Republic of China, Japan, South Korea, Taiwan and Europe, all of which opened investigations earlier this year.  At least one capacitor manufacturer, believed to be Defendant Panasonic, has self-reported its unlawful price fixing and is cooperating with authorities in at least the United States and China in exchange for amnesty from prosecution, and has disclosed background details regarding the cartel’s membership and the scope of Defendants’ conspiracy.


The Defendants who are part of the cartel are Panasonic Corporation, Panasonic Corporation of North America, Sanyo Electric Group, Ltd., and Sanyo Electronic Device (U.S.A.) Corporation, Taiyo, NEC Tokin Corporation, KEMET and KEMET Electronics Corporation, Nippon Chemi-Con, United Chemi-Con Corporation,  Hitachi Chemical Co., Ltd., Nichicon Corporation,  AVX,  Rubycon Corporation, Elna Co., Ltd., Matsuo Electric Co., Ltd., Toshin Kogyo Co.,  Vishay Intertechnology, Inc., Samsung Electro-Mechanics, and ROHM Co., Ltd.

Class Period

Those parties who would be economically injured are all persons and entities who purchased aluminum and/or tantalum electrolytic capacitors in the United States directly from one or more of Defendants, or from any predecessors, parents, subsidiaries, agents or affiliates thereof, at any time between January 1, 2005, and the present.

Who Would be Economically Injured

As a direct result of Defendants’ anticompetitive and unlawful conduct, parties who directly purchased aluminum and/or tantalum electrolytic capacitors  were financially injured because they paid more for the aluminum or tantalum electrolytic capacitors then they would have absent the conspiracy.

The aluminum and tantalum electrolytic capacitor industry consists of one of three categories of purchasers: (1) original equipment manufacturers (“OEMs”) who install capacitors directly into their products; (2) electronic manufacturing service providers (“EMS Providers”) who manufacture electric circuit products that contain capacitors and which are integrated into end-use products manufactured by others; and (3) third-party electronics distributors that sell capacitors to various consumers.

If you, or a party you know, are a direct purchaser of aluminum and tantalum electrolytic capacitors from one or more of the defendants, please contact us and we will review your information to determine whether you have sustained economic injury.

Retention Agreement

Retention Agreement

This Retention Agreement governs the retention of Glancy Prongay & Murray LLP (“GPM”) (the “Attorneys”) by those institutions or individuals (the “Client”) who have authorized the Attorneys to prosecute claims arising out of their purchase of Various Defendants (see description below)'s securities.

WHEREAS the Client has authorized the Attorneys to prosecute claims relating to the securities of Various Defendants (see description below) (the “Litigation”);

WHEREAS the Litigation entails numerous complex factual and legal issues and entails considerable risk;

WHEREAS the Litigation requires the expenditure of substantial resources by the Attorneys retained to prosecute the Litigation;

WHEREAS the Client seeks to maximize their recovery while limiting the expenditure of their own resources; and

NOW, THEREFORE, the Client and the Attorneys AGREE AS FOLLOWS:


A. Upon execution by GPM, attorneys are retained to provide legal services for the purpose of seeking damages and other relief in the Litigation. Client provides authorization to seek appointment as Lead Plaintiff in the class action, while the Attorneys will seek to be appointed Class Counsel. If this occurs, the Litigation will be prosecuted as a class action.

B. If you obtain access to non-public information during the pendency of the Litigation, you must not engage in transactions in securities.

C. Attorneys are authorized to prosecute the Litigation. The appointed Lead Plaintiffs will monitor, review and participate with counsel in the prosecution of the Litigation. The Attorneys shall consult with the appointed Lead Plaintiffs concerning all major substantive matters related to the Litigation, including, but not limited to, the complaint, dispositive motions and settlement. Because of potential differences of opinion between Clients concerning, among other things, strategy, goals and objectives of the Litigation, the Attorneys shall consult with the appointed Lead Plaintiffs as to the courses of action to pursue. The Client agrees to abide by the decisions of the appointed Lead Plaintiffs, which shall be final and binding on all Clients.

D. GPM is given the authority to opt the Client out of any class action proceeding relating to the claims authorized herein and/or pursue the Client claim individually in a group action, if the Client is not appointed Lead Plaintiff and GPM is not appointed Class Counsel.

E. The Attorneys shall provide sufficient resources, including attorney time and capital for payment of costs and expenses, to vigorously prosecute the Litigation.

F. Any recovery from defendants that the Attorneys are responsible for will be divided among class members based on the recognized loss by each class member as calculated by a damage allocation plan which will be prepared by a financial expert or consultant, provided to the appointed Lead Plaintiffs, be subject to the Court's approval and will account for such factors as size of securities ownership, date of purchase, date of sale and continued holdings, if any. Under the rules governing class action litigation, while the Lead Plaintiffs recover according to the same formula as other class members, the Court may approve, upon application therefore, reimbursement of the Lead Plaintiffs’ reasonable costs and expenses directly related to the representation of the class. Examples are lost wages and travel expenses associated with testifying in the action.


A. The Attorneys shall advance all expenses in the Litigation. The Client is not liable to pay any of the expenses of the Litigation, whether attorneys fees or costs. Recovery of costs and other expenses is contingent upon a recovery being obtained. If no recovery is obtained, Client will owe nothing for costs and other expenses. In the event that an order is entered awarding costs and expenses in favor of defendants, Attorneys will be responsible for such costs and expenses, not the Client. If the Court does not permit the case to proceed as a class action, we will mutually decide whether, and on what basis, the case will continue.

B. If there is a recovery in the Litigation, whether by settlement or judgment, the Attorneys shall be compensated via payment of a reasonable percentage of any recovery as approved by the Court, which amount shall include attorneys’ fees plus reasonable disbursements in the Litigation. On behalf of the class and as a class representative, the Client acknowledges that plaintiffs’ counsel may apply for a fee of up to 33 1/3% of the recovery plus disbursements, subject to court approval. “Disbursements” shall include, but not be limited to, costs of travel, telephone, copying, fax transmission, depositions, investigators, messengers, mediation expenses, computer research fees, court fees, expert fees, other consultation fees and paralegal expenses. Any recovery in the Litigation shall first be used to reimburse disbursements.

C. In the event that the Litigation is resolved by settlement under terms involving any “in-kind” payment, such as stock, the contingent fee agreement shall apply to such “in-kind” payment.

D. In the course of the lawsuit, the Attorneys may retain and/or work with other law firms, in which case, the Attorneys would divide any legal fees we receive with such other firms. You agree that we may divide fees with other attorneys for serving as local counsel, or for referral fees, or other services performed. The division of attorneys’ fees with other counsel may be determined upon a percentage basis or upon time spent in assisting the prosecution of the action. The division of fees with other counsel is the Attorneys’ sole responsibility and will not increase the fees described above.


A. This Agreement may not be assigned by the Attorneys.

B. Client agrees to cooperate in the prosecution of the suit including providing documents to substantiate the Client's claim, and to cooperate in providing discovery information, including a deposition if necessary. Client further agrees to preserve any documents relevant to the Litigation that are currently in their possession during the pendency of the Litigation.

C. Client agrees that our files and papers compiled in connection with our investigation and prosecution of this matter constitute the work product and property of this firm over which the firm has complete control with respect to its use and/or disclosure.

D. Client recognizes that the Attorneys are representing other Various Defendants (see description below) investors in the Litigation. The Client agrees that any conflicts caused by such representation are waived.

E. GPM agrees to maintain liability insurance which covers its practice in this litigation and to provide evidence of such coverage if requested.


A. Client may terminate this Agreement as to any Attorneys, with or without cause and without penalty, by providing the Attorneys with written notice of termination. Attorneys may terminate this agreement with or without cause and without penalty, by providing client with written notice of termination if the Client fails to cooperate in the prosecution of this action or such other reason as may be approved upon application to the Court.

B. If the Attorneys are terminated for any reason, Attorneys shall be entitled (a) to be reimbursed, pursuant to §II above, for reasonable out-of-pocket costs and expenses that they incurred, but only if and when recovery is obtained, and (b) to be paid such compensation as might be payable to them in accordance with this Agreement, but only if and to the extent and at the time compensation is payable to the Attorneys from any recovery in the Litigation pursuant to §II above.


A. All notices to be given by the parties hereto shall be in writing and served by depositing same in the United States Post Office, postage prepaid and registered as follows:


The mailing or email address provided by Client.


Glancy Prongay & Murray LLP
1925 Century Park East, Suite 2100
Los Angeles, California 90067
Attention: Robert V. Prongay

B. Any actions arising out of this Agreement shall be governed by the laws of the State of California, and shall be brought and maintained in the Los Angeles Superior Court, which shall have exclusive jurisdiction thereof.

C. This agreement, along with the signed Certification and Authorization of Named Plaintiff, sets forth the entire Agreement between the parties, and supersedes all other oral or written provisions.