The Check’s In the Mail

The payments to consumers in the MAP antitrust settlement against the major music distributors are finally going out in the next couple of weeks:

PORTLAND, Maine – A federal judge approved a $143 million settlement Thursday of a lawsuit that accused major record companies and large music retailers of conspiring to set minimum music prices.

Under the settlement signed by U.S. District Judge D. Brock Hornby, 3.5 million people who signed on to an antitrust lawsuit are to receive shares of the award.

Checks for $12.60 are expected to be mailed out within a couple of weeks to the millions who mailed in claims and submitted them online.

After attorneys’ fees, the actual cash payout is expected to be around $44 million. In addition, $75.7 million is to be distributed in the form of 5.6 million music CDs sent to libraries and schools throughout the nation.

The lawsuit, which was signed by the attorneys general of 43 states and territories and consolidated in Portland in October 2000, accused major record labels and large music retailers facing competition from discount retailers like Target and Wal-Mart of conspiring to set minimum music prices. [AP]

More on the case here and here. Don’t spend your windfall all in one place.