Magnetic Audio Tape Antitrust Litigation

This litigation has been brought by the Plaintiffs as a class action (the "Class Action") against SK Group, SK Global America, Inc., SKM, Ltd., f/k/a SK Magnetic Co. Ltd., Sunkyong Magnetic America, Inc., OCMP, Inc., BASF Magnetics GmbH, BASF Magnetics Corp. (now BASF Corp.), EMTEC Magnetics ProMedia, Inc., f/k/a JR Pro Sales, Inc., EMTEC Magnetics GmbH, EMTEC Holding GmbH, Aurex, S.A. de C.V. (Auriga), Auriga-Aurex, Inc., TDK Corp. and TDK Electronics Corp. (the "Defendants").

A similar action was brought against BASF AG. That case was dismissed by the district court based upon a lack of jurisdiction but was reversed by the Second Circuit with instructions for further discovery on jurisdictional facts.

The Court dismissed Plaintiffs' Complaint against SKM Ltd. on the grounds of lack of personal jurisdiction. Plaintiffs have taken an appeal of that ruling to the Second Circuit Court of Appeals.

Plaintiffs claim that, beginning no later than January 1992 and continuing to at least December 31, 1997, Defendants engaged in a combination and conspiracy to fix the prices they charged for Pancake Audiotape sold in the United States, in restraint of trade and commerce in violation of Section 1 of the Sherman Act, 15 U.S.C. § 1. Plaintiffs further claim that, as a result of the conspiracy, they and other Class members were injured by paying more for Pancake Audiotape than they would have paid in the absence of the alleged illegal conduct. Defendants deny these allegations, deny liability, and deny that any Plaintiff or Class member is entitled to damages or other relief.

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