Case 3:14-cv-03264-JD Document 1112 Filed 03/22/16 Page 1 of 133
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`Joseph W. Cotchett (36324)
`Steven N. Williams (175489)
`Adam J. Zapala (245748)
`Elizabeth Tran (280502)
`COTCHETT, PITRE & McCARTHY, LLP
`840 Malcolm Road, Suite 200
`Burlingame, CA 94010
`Telephone: (650) 697-6000
`Facsimile: (650) 697-0577
`jcotchett@cpmlegal.com
`swilliams@cpmlegal.com
`azapala@cpmlegal.com
`etran@cpmlegal.com
`
`Interim Lead Counsel for the
`Putative Indirect Purchaser Class
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`
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`UNITED STATES DISTRICT COURT
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`NORTHERN DISTRICT OF CALIFORNIA
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`SAN FRANCISCO DIVISION
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`
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`Master File No. 14-cv-03264-JD
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`INDIRECT PURCHASER PLAINTIFFS’
`FOURTH CONSOLIDATED COMPLAINT
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`JURY DEMAND
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`
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`IN RE CAPACITORS ANTITRUST
`LITIGATION
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`THIS DOCUMENT RELATES TO:
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`ALL INDIRECT PURCHASER ACTIONS
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`**REDACTED – PUBLIC VERSION**
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`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
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`Case 3:14-cv-03264-JD Document 1112 Filed 03/22/16 Page 2 of 133
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`TABLE OF CONTENTS
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`Page
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`I.
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`II.
`
`III.
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`IV.
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`NATURE OF ACTION ........................................................................................................ 1
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`GOVERNMENT INVESTIGATIONS ................................................................................ 5
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`JURISDICTION AND VENUE ........................................................................................... 8
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`PARTIES ............................................................................................................................ 10
`
`A.
`
`B.
`
`Plaintiffs .................................................................................................................. 10
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`Defendants .............................................................................................................. 13
`
`1.
`
`Defendants Involved in Both Electrolytic and Film Capacitor
`Conspiracies ................................................................................................ 13
`
`Hitachi Defendants.......................................................................... 13
`a.
`Nippon Chemi-Con Defendants ...................................................... 14
`b.
`Rubycon Defendants ....................................................................... 14
`c.
`Panasonic Defendants ..................................................................... 15
`d.
`Defendants Involved in Electrolytic Capacitor Conspiracy........................ 16
`
`Elna Defendants .............................................................................. 16
`a.
`Defendant Matsuo Electric Co., Ltd. .............................................. 16
`b.
`NEC TOKIN Defendants ................................................................ 17
`c.
`Nichicon Defendants ....................................................................... 17
`d.
`Defendants Involved in Film Capacitor Conspiracy ................................... 18
`
`2.
`
`3.
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`Defendant Nissei Electric Co., Ltd. ................................................ 18
`a.
`Defendant Nitsuko Electronics Corp. ............................................. 18
`b.
`Defendant Okaya Electric Industries Co., Ltd. ............................... 19
`c.
`Shinyei Defendants ......................................................................... 19
`d.
`Defendant Soshin Electric Co., Ltd. ............................................... 20
`e.
`Defendant Taitsu Corp. ................................................................... 20
`f.
`Defendant Toshin Kogyo Co., Ltd. ................................................. 20
`g.
`AGENTS AND CO-CONSPIRATORS ............................................................................. 20
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`INTRODUCTION TO CAPACITORS .............................................................................. 21
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`A.
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`B.
`
`C.
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`Background on Capacitors ...................................................................................... 21
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`Capacitor Structure ................................................................................................. 24
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`Capacitor Technologies .......................................................................................... 25
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`V.
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`VI.
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`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
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`Case 3:14-cv-03264-JD Document 1112 Filed 03/22/16 Page 3 of 133
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`D.
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`E.
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`F.
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`G.
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`Aluminum Electrolytic Capacitors ......................................................................... 27
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`Tantalum Electrolytic Capacitors ........................................................................... 29
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`Film Capacitors ....................................................................................................... 32
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`Capacitors Are Traceable Through the Chain of Distribution ................................ 33
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`VII.
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`FACTUAL ALLEGATIONS ............................................................................................. 34
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`A.
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`Defendants Conspired to Unlawfully Fix and Artificially Raise the Prices of
`Electrolytic and Film Capacitors ............................................................................ 34
`
`1.
`
`Electrolytic Capacitor Conspiracy .............................................................. 34
`
`a.
`
`Group Meetings and Discussions.................................................... 35
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`i.
`
`ii.
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`Pre-ATC Meetings ................................................................. 35
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`ATC Meetings ........................................................................ 36
`
`iii. Marketing Study Group Meetings ......................................... 36
`Bilateral Meetings and Discussions ................................................ 38
`Film Capacitor Conspiracy ............................................................. 40
`Group Meetings and Discussions.................................................... 40
`
`b.
`c.
`d.
`
`i.
`
`JFC Meetings ......................................................................... 40
`
`e.
`f.
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`Singapore Meetings ............................................................... 41
`ii.
`Bilateral Meetings and Discussions ................................................ 41
`Illustrative Examples of U.S. Subsidiaries Engaging in
`Conspiratorial Conduct ................................................................... 42
`Defendants’ Corporate Families Acted as Single Enterprises. Defendant Parent
`Companies Exercised Substantial Control over Their U.S. Subsidiaries. .............. 43
`
`B.
`
`1.
`
`2.
`
`3.
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`Defendants’ High-Level Employees Organized the Conspiracies
`and Their Subordinate Employees—Including Those of Their U.S.
`Subsidiaries—Executed the Conspiracies................................................... 45
`
`Defendants’ Representatives who Attended Conspiratorial Meetings
`and Engaged in Collusive Conduct Participated in Discussions on
`Behalf of Entire Corporate Families and Failed to Distinguish
`Between Corporate Entities in the Same Corporate Family. ...................... 47
`
`Each Defendant Parent Company, Along With Its U.S. Subsidiary,
`Hold Themselves Out as a Single Integrated Enterprise. ........................... 49
`
`a.
`b.
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`Elna Corporate Family .................................................................... 49
`Hitachi Corporate Family ............................................................... 49
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`Case 3:14-cv-03264-JD Document 1112 Filed 03/22/16 Page 4 of 133
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`NEC TOKIN Corporate Family ...................................................... 50
`c.
`Nichicon Corporate Family............................................................. 50
`d.
`Nippon Chemi-Con Corporate Family............................................ 53
`e.
`Panasonic/Sanyo Corporate Family ................................................ 55
`f.
`Rubycon Corporate Family ............................................................. 57
`g.
`The Nature of the Capacitor Industry Required Foreign Companies
`Named As Defendants Herein to Use Their U.S. Subsidiaries As
`Sales Arms for Price-Fixed Capacitors. ...................................................... 57
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`4.
`
`C.
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`Capacitor Industry Trends....................................................................................... 59
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`1.
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`2.
`
`3.
`
`Aluminum Electrolytic Capacitors ............................................................. 60
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`Tantalum Electrolytic Capacitors ............................................................... 61
`
`Film Capacitors ........................................................................................... 61
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`D.
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`The Characteristics of the Electrolytic and Film Capacitor Market Render
`Collusion More Plausible. ....................................................................................... 62
`
`1.
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`2.
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`3.
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`4.
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`5.
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`6.
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`7.
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`Electrolytic and Film Capacitor Industry Has High Barriers to
`Entry. 62
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`The Demand for Electrolytic and Film Capacitors Is Inelastic. .................. 65
`
`The Electrolytic and Film Capacitor Industry Is Highly
`Concentrated. .............................................................................................. 66
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`Electrolytic and Film Capacitors Are Homogenous and
`Commoditized Products. ............................................................................. 67
`
`Defendants Had Ample Opportunities to Conspire. ................................... 70
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`Indirect Purchasers of Capacitors Lacked Buying Power........................... 74
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`Falling Demand for Capacitors Over Time. ............................................... 75
`
`Demand for Capacitors in the Americas ......................................... 77
`a.
`Demand for Capacitors Over Time ................................................. 77
`b.
`Capacitor Manufacturers Had Relationships in Other Price-Fixed Markets. ......... 79
`
`E.
`
`VIII. DEFENDANTS COLLUDED TO KEEP THE PRICE OF ELECTROLYTIC AND FILM
`CAPACITORS ELEVATED DURING THE CLASS PERIOD........................................ 79
`
`A.
`
`B.
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`Defendants Had a Motive to Conspire. ................................................................... 80
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`The Price Movements of Electrolytic and Film Capacitors During the Respective
`Class Periods Are Consistent with Collusion, Not Competition. ........................... 82
`
`1.
`
`2.
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`Pricing Behavior Was Inconsistent with Cost. ........................................... 83
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`Pricing Behavior Was Inconsistent with Demand. ..................................... 84
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`Case 3:14-cv-03264-JD Document 1112 Filed 03/22/16 Page 5 of 133
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`
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`C.
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`D.
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`Defendants Conspired to Constrain Supply. ........................................................... 86
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`Guilty Pleas in Related Markets ............................................................................. 86
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`1.
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`2.
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`3.
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`Hitachi 86
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`Panasonic/SANYO ..................................................................................... 86
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`NEC TOKIN ............................................................................................... 87
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`IX.
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`X.
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`ANTITRUST INJURY ....................................................................................................... 87
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`THE STATUTE OF LIMITATIONS DO NOT BAR PLAINTIFFS’ CLAIMS ............... 88
`
`A.
`
`B.
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`The Statute of Limitations Did Not Begin to Run Because Plaintiffs Did Not and
`Could Not Discover Their Claims .......................................................................... 88
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`Fraudulent Concealment Tolled the Statute of Limitations .................................... 90
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`1.
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`2.
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`False Representations Regarding Raw Material Shortages ........................ 90
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`False Representations Regarding Production Delays ................................. 91
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`XI.
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`AFFECTED TRADE AND COMMERCE ........................................................................ 94
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`A.
`
`B.
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`Defendants’ Conduct Involved Import Trade or Import Commerce ...................... 94
`
`Defendants’ Conduct Had a Direct, Substantial, and Reasonably Foreseeable
`Effect on U.S. Domestic and Import Trade or Commerce That Gave Rise to
`Plaintiffs’ Antitrust Claims ..................................................................................... 95
`
`C.
`
`The Capacitor Cartel Targeted the United States. .................................................. 98
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`XII. CLASS ACTION ALLEGATIONS ................................................................................. 101
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`XIII. VIOLATIONS ALLEGED ............................................................................................... 104
`
`FIRST CLAIM FOR RELIEF
`(Violations of Sherman Act, 15 U.S.C. § 1)
`(On Behalf of All Plaintiffs Against All Defendants) .................................................................. 104
`
`SECOND CLAIM FOR RELIEF
`(Violations of State Antitrust and Restraint of Trade Laws)
`(On Behalf of Plaintiffs Against All Defendants)......................................................................... 106
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`THIRD CLAIM FOR RELIEF
`(Violations of State Consumer Protection and Unfair Competition Laws)
`(On Behalf of All Plaintiffs Against All Defendants) .................................................................. 112
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`Case 3:14-cv-03264-JD Document 1112 Filed 03/22/16 Page 6 of 133
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`XIV. REQUEST FOR RELIEF ................................................................................................. 117
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`JURY DEMAND .......................................................................................................................... 123
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`Case 3:14-cv-03264-JD Document 1112 Filed 03/22/16 Page 7 of 133
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`Indirect Purchaser Plaintiffs (“Plaintiffs”), on behalf of themselves and all others similarly
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`situated (“Classes” as defined below), upon personal knowledge as to the facts pertaining to them
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`and upon information and belief as to all other matters, and based on the investigation of counsel,
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`bring this class action for damages, injunctive relief and other relief pursuant to federal antitrust
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`laws and state antitrust, unfair competition, and consumer protection laws. Plaintiffs demand a trial
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`by jury and allege as follows:
`I.
`
`NATURE OF ACTION
`This lawsuit is brought against defendants1, the leading manufacturers of capacitors
`
`1.
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`sold in the United States, for engaging in two massive and separate conspiracies to unlawfully
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`inflate, fix, raise, maintain or artificially stabilize the prices of electrolytic and film capacitors,
`respectively.2 Defendants’ conspiracies successfully targeted various industries in the United States,
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`raising prices for direct and indirect purchasers of electrolytic and film capacitors alike.
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`2.
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`Plaintiffs seek to represent all persons and entities in the United States who
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`purchased one or more electrolytic capacitor(s) from a capacitor distributor, which a defendant, its
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`current or former subsidiary, or any of its co-conspirators sold from April 1, 2002 through such
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`time as the anticompetitive effects of defendants’ conduct ceased (“Electrolytic Class Period”).
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`17
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`1 Elna Co., Ltd., Elna America Inc., Hitachi Chemical Co., Ltd., Hitachi Chemical Co. America,
`18
`Hitachi AIC Inc., Ltd., Ltd., Matsuo Electric Co., Ltd., NEC TOKIN Corp., Nichicon Corp.,
`Nippon Chemi-Con Corp., United Chemi-Con, Inc., Matsuo Electric Co., Ltd., NEC TOKIN Corp.,
`NEC TOKIN America Inc., Nichicon Corp., Nichicon America Corp., Nissei Electric Co., Ltd.,
`Nitsuko Electronics Corp., Okaya Electric Industries Co., Ltd., Panasonic Corp., Panasonic Corp. of
`North America, Rubycon Corp., Rubycon America Inc., SANYO Electric Co., Ltd., SANYO
`Electronic Device (U.S.A.) Corp., Shinyei Technology Co., Ltd., Soshin Electric Co., Ltd., Taitsu
`Corp., and Toshin Kogyo Co., Ltd. (collectively, “defendants”).
`2 As Plaintiffs are in the early stages of discovery concerning the nature and scope of the
`electrolytic and film capacitor conspiracies, and as the Court granted the United States Department
`of Justice’s motion to intervene and stayed discovery until April 15, 2015 per its October 30, 2014
`Civil Minutes (ECF No. 309), Plaintiffs still have substantial discovery to conduct regarding
`defendants’ meetings, discussions, and agreements. Plaintiffs must be able to significantly advance
`the inquiry into and analysis of defendants’ conspiratorial conduct before we can firmly reach
`conclusions regarding the nature, scope, and effects of the conspiracies. As such, while the
`Complaint currently alleges separate meetings and discussions regarding electrolytic and film
`capacitors, further discovery may reveal that there was one overarching conspiracy due to the
`overlapping defendants and customers or more than two conspiracies.
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`Case 3:14-cv-03264-JD Document 1112 Filed 03/22/16 Page 8 of 133
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`3.
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`Plaintiffs also seek to represent all persons and entities in the United States who
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`purchased one or more film capacitor(s) from a capacitor distributor, which a defendant, its current
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`or former subsidiary of, or any of its co-conspirators sold from January 1, 2002 through such time
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`as the anticompetitive effects of defendants’ conduct ceased (“Film Class Period”).
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`4.
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`Plaintiffs purchased electrolytic and film capacitors as a stand-alone product. When
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`purchased as a stand-alone product, electrolytic and film capacitors are traceable to the specific
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`manufacturer. A capacitor is traceable to an entity owned and/or controlled by a defendant because
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`it bears the defendant’s markings (e.g., name, logo, series).
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`5.
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`Capacitors are one of the most common electronic components in the world today.
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`They store electric charge between one or more pairs of conductors separated by an insulator.
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`Almost all electronic products—from cellphones to personal computers to home appliances—
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`contain them, often hundreds of them. The three basic types of capacitors are ceramic, electrolytic,
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`and film, the latter two of which are the subject of Plaintiffs’ Second Consolidated Complaint
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`(“Complaint”). Electrolytic and film capacitors are widely used in a range of industries, such as
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`information and telecommunications, audiovisual, and electronic games.
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`6.
`
`An “electrolytic capacitor” uses an electrolyte (an ionic conducting liquid) as one of
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`its plates to achieve a relatively larger capacitance per unit volume. As used in this Complaint,
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`electrolytic capacitors include the following: circular polymer aluminum electrolytic capacitors,
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`rectangular polymer aluminum capacitors, rectangular polymer tantalum capacitors, non-polymer
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`aluminum electrolytic capacitors, and non-polymer electrolytic double-layer capacitors (“ELDC”).
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`Manufacturers of polymer electrolytic capacitors compete on shape (i.e., rectangular capacitor
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`manufacturers compete with each other). Electrolytic capacitors can vary significantly by voltage
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`and capacitance.
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`7.
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`Applications of circular polymer aluminum electrolytic capacitors include personal
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`computers (PCs), digital audiovisuals (AV), games, and industrial appliances. Applications of
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`rectangular polymer aluminum electrolytic capacitors include notebook PCs, tablets, digital AVs,
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`amusement, servers, and communications. Applications of rectangular polymer tantalum capacitors
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`include notebook PCs, games, cellular phones, smart phones, and digital still cameras. Applications
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`Case 3:14-cv-03264-JD Document 1112 Filed 03/22/16 Page 9 of 133
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`of non-polymer aluminum electrolytic capacitors
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`include digital AV,
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`information and
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`communications, various power supply circuits, and inverter circuits. ELDC are best suited for the
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`power backup needs of high reliability systems.
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`Figure 1: The SANYO defendants manufacture electrolytic capacitors, including circular
`aluminum polymer capacitors (brand name: OS-CON) and rectangular tantalum polymer
`capacitors (brand name: POS-CAP).
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`
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`Source: http://industrial.panasonic.com/ww/products/capacitors
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`
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`8.
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`A “film capacitor” uses insulating plastic film and one of two conductive materials,
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`propylene or polyester. As used in this Complaint, film capacitors include the following four
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`generations: (1) film and aluminum foil capacitors, (2) film and other metal capacitors, (3) layered
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`capacitors, and (4) surface-mount capacitors (i.e., capacitors without leaves). Each generation
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`contains different types of general purpose capacitors and specific purpose capacitors.
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`9.
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`Applications of film capacitors include appliances, lighting, power supply, digital
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`AV, communications, games, direct current (DC) link for inverters, snubber for inverters, in battery
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`filters, and in electric compressors.
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`Case 3:14-cv-03264-JD Document 1112 Filed 03/22/16 Page 10 of 133
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`Figure 2: The Panasonic defendants manufacture film capacitors.
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`
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`Source: http://industrial.panasonic.com/ww/products/capacitors
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`As hereinafter more fully alleged, the Hitachi, Nippon Chemi-Con (“NCC”),
`10.
`Rubycon, and Panasonic defendants participated in two conspiracies: the electrolytic capacitor
`cartel from April1, 2002 until such time as defendants’ unlawful conduct ceased and the film
`capacitor cartel from January 1, 2002 until such time as defendants’ unlawful conduct ceased. The
`
`Elna, Matsuo, NEC TOKIN, and Nichicon defendants participated in the aforementioned
`electrolytic capacitor cartel. The Nissei, Nitsuko, Okaya, Shinyei, Soshin, Taitsu, and Toshin
`Kogyo defendant families participated in the aforementioned film capacitor cartel. Defendants
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`frequently discussed confidential and sensitive business information with each other, either at
`
`regular conspiratorial meetings, such as the Aluminum Tantalum Capacitor (ATC) meetings and
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`Japan Film Capacitor (JFC) meetings, or through bilateral conspiratorial discussions to raise and
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`stabilize electrolytic and film capacitor prices.
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`LAW OFFICES
`COTCHETT, PITRE
`& MCCARTHY, LLP
`
`
`
`
`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
`
` 4
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`

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`Case 3:14-cv-03264-JD Document 1112 Filed 03/22/16 Page 11 of 133
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