PHILADELPHIA – A federal judge in Philadelphia has approved a $50 million class-action settlement between cable TV giant Comcast and its customers.
KYW-TV (http://cbsloc.al/1iA5dMb ) reports the settlement was reached last year but only now been signed off on by the judge.
Comcast customers sued in 2003, claiming Comcast and other cable providers swapped customers in order to gain a monopoly that enabled Comcast to raise prices and limit viewer choices.
The plaintiffs sought $675 million in damages.
An appeals court ruling favored Comcast and limited the lawsuit to about 800,000 current and former customers in the Philadelphia region.
Comcast has denied wrongdoing, but says it’s pleased the court approved the settlement which will pay former customers $15 each. Current customers will get a $15 credit.
The plaintiffs’ lawyers are getting $15 million.
Information from: KYW-TV, http://www.kywtv.com