Class Action Lawsuit Payout Yields Almost $2 Million for Cook County
Cook County will receive $1.9 million under the terms of a recently reached settlement with manufacturers of liquid crystal display (LCD) monitors. Cook County Board President announced the settlement during the Cook County Board of Commissioners meeting today.
The settlement stems from a 2013 lawsuit filed by the Illinois attorney general’s office alleging that a number of companies conspired to fix and inflate prices for LCD screens used in various devices including cell phones, monitors, computer notebooks and TVs between 1998 and 2006.
“By being able to verify and substantiate the LCD screens purchased by the County we are collecting nearly $2 million for our public health and safety efforts,” Preckwinkle said. “As we prepare for another difficult budget year, we will continue to leave no stone unturned when pushing for fiscal responsibility and savings.”
“This is a win for taxpayers and a helpful boon to the County’s finances,” added Commissioner Tim Schneider. “I was pleased to bring the class action lawsuit to the attention of the County’s chief financial officer and to ultimately receive this substantial settlement.”
According to the Illinois Attorney General’s office, Illinois residents, businesses and government entities such as counties, municipalities and schools submitted approximately 18,500 valid claims for a total of nearly five million LCD products purchased during the relevant time period. Cook County alone identified over 40,000 LCD products purchased during the eligible period.
Preckwinkle was joined by representatives of asset recovery and cost savings firm Financial Recovery Strategies (FRS), which managed the claims process and presented the County with the settlement check.
Additional information and specifics about the settlement can be found at www.illinoislcdsettlement.com.