2024 Trial Lawyer of the Year Award Finalist: In re Capacitors Antitrust Litigation
In re Capacitors Antitrust Litigation:
The legal team in this case secured nearly $605 M in total settlements from 22 Japanese and American corporations that allegedly conspired to fix prices in the multi-billion-dollar capacitor market. Capacitors, which store electronic energy, are an essential part of nearly every consumer electronic appliance, from cell phones to cars.
The legal team filed the case in 2014 on behalf of a class of American companies that purchased capacitors directly from the defendants for resale or use in their own products, thus passing on these overcharges to consumers. The Joseph Saveri Law Firm, LLP, was appointed lead counsel. Between 2017 and 2020, the plaintiffs reached four rounds of settlements with 17 of the defendants. The final round of settlements was reached only after the case was tried to a jury—twice—once in 2020 and one in 2021.
The first trial before a jury began in March 2020. Class plaintiffs presented their case for two weeks before the trial was halted by the COVID-19 pandemic. Despite considerable efforts by counsel and the court to continue with the same jury—including preparations for a remote trial—the court declared a mistrial in June 2020. A new trial took place in November-December 2021, one of the few civil jury trials to be tried during the pandemic. Plaintiffs reached settlements totaling $165 M with the remaining defendants shortly before a verdict was to have been rendered in the second trial. The court granted final approval in January 2023—nine years after the first case was filed—bringing the total settlements in the case to $604.55 M. This exceeded the actual damages incurred by the class by 38%—which almost never happens in antitrust cases.
To achieve these monumental civil settlements, the legal team overcame enormous challenges, which included identifying price-fixing cartel participants without the benefit of public disclosures; reviewing over 40 M documents (most of which were in Japanese); reviewing over seven million transactions to calculate a reliable damage estimate; taking 100+ depositions around the world, including many in Japanese and other foreign languages; surviving three rounds of motions to dismiss, successfully responding to numerous Daubert and summary judgment motions; and obtaining and maintaining class certification notwithstanding a petition for review to the Ninth Circuit Court of Appeals and two subsequent motions to decertify the class. Bringing the case to trial involved synthesizing years of evidence in order to present a cohesive, compelling narrative and a winning argument for a jury of ordinary citizens not conversant in the minute details of capacitors manufacturing, pricing, and distribution, nor with cartel behavior.
The case highlights the importance of private enforcement of the antitrust laws to bring about economic justice. It demonstrates that antitrust plaintiffs, represented by expert antitrust trial lawyers, can and will use the jury system to protect consumers, workers, and small businesses from those who violate antitrust laws in the United States.
Team Members for In re Capacitors Antitrust Litigation:
Joseph Saveri – Joseph Saveri Law Firm, LLP
Cadio R. Zirpoli – Joseph Saveri Law Firm, LLP
Christopher K.L. Young – Joseph Saveri Law Firm, LLP
Eric L. Cramer – Berger Montague
Mark Russell Suter – formerly of Berger Montague
Ruthanne Gordon – formerly of Berger Montague
C. Andrew Dirksen – Cera LLP
Austin B. Cohen – Levin Sedran & Berman LLP
Anupama Reddy – Google (formerly of Joseph Saveri Law Firm)
Joshua P. Davis – Berger Montague
Keith J. Verrier – Levin Sedran & Berman LLP
Michael Jay Kane – Berger Montague
Jason S. Hartley – Hartley LLP
James G.B. Dallal – Cotchett Pitre & McCarthy LLP
Steven Williams – Steven Williams Law P.C.