Item 1.01 Entry into a Material Definitive Agreement.
On March 12, 2020, AVX Corporation (the "Company") entered into a settlement
agreement (the "Settlement Agreement") with the plaintiffs in the antitrust suit
pending in the United States District Court, Northern District of California
as In re: Capacitors Antitrust Litigation, No.14-cv-03264-JD, MDL 2801 (the
"Class Action Suit"). Under the Settlement Agreement, in consideration for the
release of the Company and their affiliates from all claims relating in any way
to the conduct alleged in the Class Action Suit and from claims which could have
been asserted in the Class Action Suit to the extent they relate to the sale of
capacitors in the United States, the Company agreed to pay an aggregate of
$65,000,000 to the settlement class of plaintiffs. Pursuant to the terms of the
Settlement Agreement, the Company will pay an aggregate of $65,000,000 into an
escrow account within 30 calendar days of the date of the Settlement Agreement.
Under the terms of the Settlement Agreement the Company did not admit to any
violation of any statute or law or to any liability or wrongdoing. The
Settlement Agreement is subject to court approval. The settlement amount will be
reflected on the Company's Condensed Consolidated Statements of Operations for
the fiscal quarter ending March 31, 2020.
The foregoing description of the Settlement Agreement does not purport to be
complete and is qualified in its entirety by reference to the full text of the
Settlement Agreement, which is filed as Exhibit 10.1 to this Current Report on
Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(a) Not Applicable
(b) Not Applicable
(c) Not Applicable
(d) Exhibits
Exhibit Number Description
10.1 Settlement Agreement, dated March 12, 2020
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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