Case 3:14-cv-03264-JD Document 1588 Filed 04/03/17 Page 1 of 133
`
`
`
`
`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
`
`
`
`UNITED STATES DISTRICT COURT
`
`NORTHERN DISTRICT OF CALIFORNIA
`
`SAN FRANCISCO DIVISION
`
`
`
`
`IN RE CAPACITORS ANTITRUST
`LITIGATION
`
`
`
`THIS DOCUMENT RELATES TO:
`
`ALL INDIRECT PURCHASER ACTIONS
`
`
`
`
`
`Master File No. 14-cv-03264-JD
`
`INDIRECT PURCHASER PLAINTIFFS’
`FOURTH CONSOLIDATED COMPLAINT
`
`JURY DEMAND
`
`
`
`
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`
`20
`
`
`21
`
`22
`
`23
`
`24
`
`25
`
`26
`
`27
`
`**DOCUMENT SUBMITTED UNDER SEAL**
`
`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
`
`
`
`
`28
`LAW OFFICES
`COTCHETT, PITRE
`& MCCARTHY, LLP
`
`
`
`
`

`

`Case 3:14-cv-03264-JD Document 1588 Filed 04/03/17 Page 2 of 133
`
`TABLE OF CONTENTS
`
`
`
`Page
`
`I.
`
`II.
`
`III.
`
`IV.
`
`NATURE OF ACTION ........................................................................................................ 1
`
`GOVERNMENT INVESTIGATIONS ................................................................................ 5
`
`JURISDICTION AND VENUE ........................................................................................... 8
`
`PARTIES ............................................................................................................................ 10
`
`A.
`
`B.
`
`Plaintiffs .................................................................................................................. 10
`
`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.
`
`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
`
`INTRODUCTION TO CAPACITORS .............................................................................. 21
`
`A.
`
`B.
`
`C.
`
`Background on Capacitors ...................................................................................... 21
`
`Capacitor Structure ................................................................................................. 24
`
`Capacitor Technologies .......................................................................................... 25
`
`V.
`
`VI.
`
`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
`
`
`
`i
`
`
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`22
`
`23
`
`24
`
`25
`
`26
`
`27
`
`28
`LAW OFFICES
`COTCHETT, PITRE
`& MCCARTHY, LLP
`
`
`
`
`

`

`Case 3:14-cv-03264-JD Document 1588 Filed 04/03/17 Page 3 of 133
`
`
`
`D.
`
`E.
`
`F.
`
`G.
`
`Aluminum Electrolytic Capacitors ......................................................................... 27
`
`Tantalum Electrolytic Capacitors ........................................................................... 29
`
`Film Capacitors ....................................................................................................... 32
`
`Capacitors Are Traceable Through the Chain of Distribution ................................ 33
`
`VII.
`
`FACTUAL ALLEGATIONS ............................................................................................. 34
`
`A.
`
`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
`
`i.
`
`ii.
`
`Pre-ATC Meetings ................................................................. 35
`
`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.
`
`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.
`
`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.
`
`Elna Corporate Family .................................................................... 49
`Hitachi Corporate Family ............................................................... 49
`
`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
`
`
`
`ii
`
`
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`22
`
`23
`
`24
`
`25
`
`26
`
`27
`
`28
`LAW OFFICES
`COTCHETT, PITRE
`& MCCARTHY, LLP
`
`
`
`
`

`

`Case 3:14-cv-03264-JD Document 1588 Filed 04/03/17 Page 4 of 133
`
`
`
`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
`
`4.
`
`C.
`
`Capacitor Industry Trends....................................................................................... 59
`
`1.
`
`2.
`
`3.
`
`Aluminum Electrolytic Capacitors ............................................................. 60
`
`Tantalum Electrolytic Capacitors ............................................................... 61
`
`Film Capacitors ........................................................................................... 61
`
`D.
`
`The Characteristics of the Electrolytic and Film Capacitor Market Render
`Collusion More Plausible. ....................................................................................... 62
`
`1.
`
`2.
`
`3.
`
`4.
`
`5.
`
`6.
`
`7.
`
`Electrolytic and Film Capacitor Industry Has High Barriers to
`Entry. 62
`
`The Demand for Electrolytic and Film Capacitors Is Inelastic. .................. 65
`
`The Electrolytic and Film Capacitor Industry Is Highly
`Concentrated. .............................................................................................. 66
`
`Electrolytic and Film Capacitors Are Homogenous and
`Commoditized Products. ............................................................................. 67
`
`Defendants Had Ample Opportunities to Conspire. ................................... 70
`
`Indirect Purchasers of Capacitors Lacked Buying Power........................... 74
`
`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.
`
`Defendants Had a Motive to Conspire. ................................................................... 80
`
`The Price Movements of Electrolytic and Film Capacitors During the Respective
`Class Periods Are Consistent with Collusion, Not Competition. ........................... 82
`
`1.
`
`2.
`
`Pricing Behavior Was Inconsistent with Cost. ........................................... 83
`
`Pricing Behavior Was Inconsistent with Demand. ..................................... 84
`
`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
`
`
`
`iii
`
`
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`22
`
`23
`
`24
`
`25
`
`26
`
`27
`
`28
`LAW OFFICES
`COTCHETT, PITRE
`& MCCARTHY, LLP
`
`
`
`
`

`

`
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`22
`
`23
`
`24
`
`25
`
`26
`
`Case 3:14-cv-03264-JD Document 1588 Filed 04/03/17 Page 5 of 133
`
`
`
`C.
`
`D.
`
`Defendants Conspired to Constrain Supply. ........................................................... 86
`
`Guilty Pleas in Related Markets ............................................................................. 86
`
`1.
`
`2.
`
`3.
`
`Hitachi 86
`
`Panasonic/SANYO ..................................................................................... 86
`
`NEC TOKIN ............................................................................................... 87
`
`IX.
`
`X.
`
`ANTITRUST INJURY ....................................................................................................... 87
`
`THE STATUTE OF LIMITATIONS DO NOT BAR PLAINTIFFS’ CLAIMS ............... 88
`
`A.
`
`B.
`
`The Statute of Limitations Did Not Begin to Run Because Plaintiffs Did Not and
`Could Not Discover Their Claims .......................................................................... 88
`
`Fraudulent Concealment Tolled the Statute of Limitations .................................... 90
`
`1.
`
`2.
`
`False Representations Regarding Raw Material Shortages ........................ 90
`
`False Representations Regarding Production Delays ................................. 91
`
`XI.
`
`AFFECTED TRADE AND COMMERCE ........................................................................ 94
`
`A.
`
`B.
`
`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
`
`XII. CLASS ACTION ALLEGATIONS ................................................................................. 101
`
`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
`
`THIRD CLAIM FOR RELIEF
`(Violations of State Consumer Protection and Unfair Competition Laws)
`(On Behalf of All Plaintiffs Against All Defendants) .................................................................. 112
`
`
`27
`
`28
`LAW OFFICES
`COTCHETT, PITRE
`& MCCARTHY, LLP
`
`
`
`
`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
`
`
`
`iv
`
`

`

`Case 3:14-cv-03264-JD Document 1588 Filed 04/03/17 Page 6 of 133
`
`
`
`XIV. REQUEST FOR RELIEF ................................................................................................. 117
`
`JURY DEMAND .......................................................................................................................... 123
`
`
`
`
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`22
`
`23
`
`24
`
`25
`
`26
`
`27
`
`28
`LAW OFFICES
`COTCHETT, PITRE
`& MCCARTHY, LLP
`
`
`
`
`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
`
` v
`
`

`

`
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`Case 3:14-cv-03264-JD Document 1588 Filed 04/03/17 Page 7 of 133
`
`
`
`
`
`Indirect Purchaser Plaintiffs (“Plaintiffs”), on behalf of themselves and all others similarly
`
`situated (“Classes” as defined below), upon personal knowledge as to the facts pertaining to them
`
`and upon information and belief as to all other matters, and based on the investigation of counsel,
`
`bring this class action for damages, injunctive relief and other relief pursuant to federal antitrust
`
`laws and state antitrust, unfair competition, and consumer protection laws. Plaintiffs demand a trial
`
`by jury and allege as follows:
`I.
`
`NATURE OF ACTION
`This lawsuit is brought against defendants1, the leading manufacturers of capacitors
`
`1.
`
`sold in the United States, for engaging in two massive and separate conspiracies to unlawfully
`
`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,
`
`raising prices for direct and indirect purchasers of electrolytic and film capacitors alike.
`
`2.
`
`Plaintiffs seek to represent all persons and entities in the United States who
`
`purchased one or more electrolytic capacitor(s) from a capacitor distributor, which a defendant, its
`
`current or former subsidiary, or any of its co-conspirators sold from April 1, 2002 through such
`
`time as the anticompetitive effects of defendants’ conduct ceased (“Electrolytic Class Period”).
`
`19
`
`20
`
`21
`
`22
`
`23
`
`17
`
`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.
`
`24
`
`25
`
`26
`
`27
`
`28
`LAW OFFICES
`COTCHETT, PITRE
`& MCCARTHY, LLP
`
`
`
`
`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
`
` 1
`
`

`

`Case 3:14-cv-03264-JD Document 1588 Filed 04/03/17 Page 8 of 133
`
`
`
`3.
`
`Plaintiffs also seek to represent all persons and entities in the United States who
`
`purchased one or more film capacitor(s) from a capacitor distributor, which a defendant, its current
`
`or former subsidiary of, or any of its co-conspirators sold from January 1, 2002 through such time
`
`as the anticompetitive effects of defendants’ conduct ceased (“Film Class Period”).
`
`4.
`
`Plaintiffs purchased electrolytic and film capacitors as a stand-alone product. When
`
`purchased as a stand-alone product, electrolytic and film capacitors are traceable to the specific
`
`manufacturer. A capacitor is traceable to an entity owned and/or controlled by a defendant because
`
`it bears the defendant’s markings (e.g., name, logo, series).
`
`5.
`
`Capacitors are one of the most common electronic components in the world today.
`
`They store electric charge between one or more pairs of conductors separated by an insulator.
`
`Almost all electronic products—from cellphones to personal computers to home appliances—
`
`contain them, often hundreds of them. The three basic types of capacitors are ceramic, electrolytic,
`
`and film, the latter two of which are the subject of Plaintiffs’ Second Consolidated Complaint
`
`(“Complaint”). Electrolytic and film capacitors are widely used in a range of industries, such as
`
`information and telecommunications, audiovisual, and electronic games.
`
`6.
`
`An “electrolytic capacitor” uses an electrolyte (an ionic conducting liquid) as one of
`
`its plates to achieve a relatively larger capacitance per unit volume. As used in this Complaint,
`
`electrolytic capacitors include the following: circular polymer aluminum electrolytic capacitors,
`
`rectangular polymer aluminum capacitors, rectangular polymer tantalum capacitors, non-polymer
`
`aluminum electrolytic capacitors, and non-polymer electrolytic double-layer capacitors (“ELDC”).
`
`Manufacturers of polymer electrolytic capacitors compete on shape (i.e., rectangular capacitor
`
`manufacturers compete with each other). Electrolytic capacitors can vary significantly by voltage
`
`and capacitance.
`
`7.
`
`Applications of circular polymer aluminum electrolytic capacitors include personal
`
`computers (PCs), digital audiovisuals (AV), games, and industrial appliances. Applications of
`
`rectangular polymer aluminum electrolytic capacitors include notebook PCs, tablets, digital AVs,
`
`amusement, servers, and communications. Applications of rectangular polymer tantalum capacitors
`
`include notebook PCs, games, cellular phones, smart phones, and digital still cameras. Applications
` 2
`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
`
`
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`22
`
`23
`
`24
`
`25
`
`26
`
`27
`
`28
`LAW OFFICES
`COTCHETT, PITRE
`& MCCARTHY, LLP
`
`
`
`
`

`

`Case 3:14-cv-03264-JD Document 1588 Filed 04/03/17 Page 9 of 133
`
`
`
`of non-polymer aluminum electrolytic capacitors
`
`include digital AV,
`
`information and
`
`communications, various power supply circuits, and inverter circuits. ELDC are best suited for the
`
`power backup needs of high reliability systems.
`
`
`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).
`
`
`
`
`Source: http://industrial.panasonic.com/ww/products/capacitors
`
`
`
`8.
`
`A “film capacitor” uses insulating plastic film and one of two conductive materials,
`
`propylene or polyester. As used in this Complaint, film capacitors include the following four
`
`generations: (1) film and aluminum foil capacitors, (2) film and other metal capacitors, (3) layered
`
`capacitors, and (4) surface-mount capacitors (i.e., capacitors without leaves). Each generation
`
`contains different types of general purpose capacitors and specific purpose capacitors.
`
`9.
`
`Applications of film capacitors include appliances, lighting, power supply, digital
`
`AV, communications, games, direct current (DC) link for inverters, snubber for inverters, in battery
`
`filters, and in electric compressors.
`
`
`
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`22
`
`23
`
`24
`
`25
`
`26
`
`27
`
`28
`LAW OFFICES
`COTCHETT, PITRE
`& MCCARTHY, LLP
`
`
`
`
`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
`
` 3
`
`

`

`Case 3:14-cv-03264-JD Document 1588 Filed 04/03/17 Page 10 of 133
`
`
`
`Figure 2: The Panasonic defendants manufacture film capacitors.
`
`
`
`Source: http://industrial.panasonic.com/ww/products/capacitors
`
`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
`
`frequently discussed confidential and sensitive business information with each other, either at
`
`regular conspiratorial meetings, such as the Aluminum Tantalum Capacitor (ATC) meetings and
`
`Japan Film Capacitor (JFC) meetings, or through bilateral conspiratorial discussions to raise and
`
`stabilize electrolytic and film capacitor prices.
`
`
`
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`22
`
`23
`
`24
`
`25
`
`26
`
`27
`
`28
`LAW OFFICES
`COTCHETT, PITRE
`& MCCARTHY, LLP
`
`
`
`
`INDIRECT PURCHASER PLAINTIFFS’ FOURTH CONSOLIDATED COMPLAINT
`
` 4
`
`

`

`Case 3:14-cv-03264-JD Document 1588 Filed 04/03/17 Page 11 of 133
`
`(cid:3)
`
`(cid:41)(cid:76)(cid:74)(cid:88)(cid:85)(cid:72)(cid:3)(cid:22)(cid:29)(cid:3)(cid:36)(cid:81)(cid:3)(cid:76)(cid:79)(cid:79)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:79)(cid:72)(cid:70)(cid:87)(cid:85)(cid:82)(cid:79)(cid:92)(cid:87)(cid:76)(cid:70)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:76)(cid:79)(cid:80)(cid:3)(cid:70)(cid:68)(cid:83)(cid:68)(cid:70)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3)(cid:70)(cid:68)(cid:85)(cid:87)(cid:72)(cid:79)(cid:3)(cid:80)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:86)(cid:75)(cid:76)(cid:83)(cid:86)(cid:17)(cid:3)
`
`(cid:40)(cid:79)(cid:81)(cid:68)
`(cid:48)(cid:68)(cid:87)(cid:86)(cid:88)(cid:82)
`(cid:49)(cid:40)(cid:38)(cid:3)(cid:55)(cid:50)(cid:46)(cid:44)(cid:49)(cid:3)
`(cid:49)(cid:76)(cid:70)(cid:75)(cid:76)(cid:70)(cid:82)(cid:81)
`
`(cid:43)(cid:76)(cid:87)(cid:68)(cid:70)(cid:75)(cid:76)(cid:3)
`(cid:49)(cid:38)(cid:38)(cid:3)
`(cid:53)(cid:88)(cid:69)(cid:92)(cid:70)(cid:82)(cid:81)(cid:3)
`(cid:51)(cid:68)(cid:81)(cid:68)(cid:86)(cid:82)(cid:81)(cid:76)(cid:70)(cid:3)
`
`(cid:49)(cid:76)(cid:86)(cid:86)(cid:72)(cid:76)
`(cid:49)(cid:76)(cid:87)(cid:86)(cid:88)(cid:78)(cid:82)
`(cid:50)(cid:78)(cid:68)(cid:92)(cid:68)
`(cid:54)(cid:75)(cid:76)(cid:81)(cid:92)(cid:72)(cid:76)
`(cid:54)(cid:82)(cid:86)(cid:75)(cid:76)(cid:81)
`(cid:55)(cid:68)(cid:76)(cid:87)(cid:86)(cid:88)
`(cid:55)(cid:82)(cid:86)(cid:75)(cid:76)(cid:81)(cid:3)(cid:46)(cid:82)(cid:74)(cid:92)(cid:82)
`
`(cid:20)(cid:20)(cid:17)
`
`(cid:39)(cid:72)(cid:73)(cid:72)(cid:81)(cid:71)(cid:68)(cid:81)(cid:87)(cid:86)(cid:3)(cid:80)(cid:68)(cid:81)(cid:88)(cid:73)(cid:68)(cid:70)(cid:87)(cid:88)(cid:85)(cid:72)(cid:15)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:72)(cid:79)(cid:79)(cid:3)(cid:72)(cid:79)(cid:72)(cid:70)(cid:87)(cid:85)(cid:82)(cid:79)(cid:92)(cid:87)(cid:76)(cid:70)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:76)(cid:79)(cid:80)(cid:3)(cid:70)(cid:68)(cid:83)(cid:68)(cid:70)(cid:76)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3)
`
`(cid:68)(cid:81)(cid:71)(cid:3) (cid:76)(cid:81)(cid:87)(cid:82)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:56)(cid:81)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3) (cid:54)(cid:87)(cid:68)(cid:87)(cid:72)(cid:86)(cid:17)(cid:3) (cid:39)(cid:72)(cid:73)(cid:72)(cid:81)(cid:71)(cid:68)(cid:81)(cid:87)(cid:86)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3) (cid:70)(cid:82)(cid:16)(cid:70)(cid:82)(cid:81)(cid:86)(cid:83)(cid:76)(cid:85)(cid:68)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3) (cid:11)(cid:68)(cid:86)(cid:3) (cid:92)(cid:72)(cid:87)(cid:3) (cid:88)(cid:81)(cid:78)(cid:81)(cid:82)(cid:90)(cid:81)(cid:12)(cid:3) (cid:68)(cid:74)(cid:85)(cid:72)(cid:72)(cid:71)(cid:15)(cid:3)
`
`(cid:70)(cid:82)(cid:80)(cid:69)(cid:76)(cid:81)(cid:72)(cid:71)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:83)(cid:76)(cid:85)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:76)(cid:81)(cid:73)(cid:79)(cid:68)(cid:87)(cid:72)(cid:15)(cid:3)(cid:73)(cid:76)(cid:91)(cid:15)(cid:3)(cid:85)(cid:68)(cid:76)(cid:86)(cid:72)(cid:15)(cid:3)(cid:80)(cid:68)(cid:76)(cid:81)(cid:87)(cid:68)(cid:76)(cid:81)(cid:3)(cid:82)(cid:85)(cid:3)(cid:68)(cid:85)(cid:87)(cid:76)(cid:73)(cid:76)(cid:70)(cid:76)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:86)(cid:87)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:93)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:79)(cid:72)(cid:70)(cid:87)(cid:85)(cid:82)(cid:79)(cid:92)(cid:87)(cid:76)(cid:70)(cid:3)
`
`(cid:68)(cid:81)(cid:71)(cid:3) (cid:73)(cid:76)(cid:79)(cid:80)(cid:3) (cid:70)(cid:68)(cid:83)(cid:68)(cid:70)(cid:76)(cid:87)(cid:82)(cid:85)(cid:86)(cid:17)(cid:3) (cid:55)(cid:75)(cid:72)(cid:3) (cid:70)(cid:82)(cid:80)(cid:69)(cid:76)(cid:81)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:70)(cid:82)(cid:81)(cid:86)(cid:83)(cid:76)(cid:85)(cid:68)(cid:70)(cid:92)(cid:3) (cid:72)(cid:81)(cid:74)(cid:68)(cid:74)(cid:72)(cid:71)(cid:3) (cid:76)(cid:81)(cid:3) (cid:69)(cid:92)(cid:3) (cid:71)(cid:72)(cid:73)(cid:72)(cid:81)(cid:71)(cid:68)(cid:81)(cid:87)(cid:86)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3) (cid:70)(cid:82)(cid:16)
`
`(cid:70)(cid:82)(cid:81)(cid:86)(cid:83)(cid:76)(cid:85)(cid:68)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:89)(cid:76)(cid:82)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:54)(cid:75)(cid:72)(cid:85)(cid:80)(cid:68)(cid:81)(cid:3)(cid:36)(cid:70)(cid:87)(cid:3)(cid:11)(cid:20)(cid:24)(cid:3)(cid:56)(cid:17)(cid:54)(cid:17)(cid:38)(cid:17)(cid:3)(cid:134)(cid:3)(cid:20)(cid:12)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:89)(cid:68)(cid:85)(cid:76)(cid:82)(cid:88)(cid:86)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:3)(cid:68)(cid:81)(cid:87)(cid:76)(cid:87)(cid:85)(cid:88)(cid:86)(cid:87)(cid:15)(cid:3)(cid:88)(cid:81)(cid:73)(cid:68)(cid:76)(cid:85)(cid:3)
`
`(cid:70)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:88)(cid:80)(cid:72)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:87)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:79)(cid:68)(cid:90)(cid:86)(cid:17)(cid:3)
`
`(cid:20)(cid:21)(cid:17)(cid:3)
`
`(cid:36)(cid:86)(cid:3) (cid:68)(cid:3) (cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:3) (cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:68)(cid:81)(cid:87)(cid:76)(cid:70)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:88)(cid:81)(cid:79)(cid:68)(cid:90)(cid:73)(cid:88)(cid:79)(cid:3) (cid:70)(cid:82)(cid:81)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3) (cid:68)(cid:79)(cid:79)(cid:72)(cid:74)(cid:72)(cid:71)(cid:3) (cid:75)(cid:72)(cid:85)(cid:72)(cid:76)(cid:81)(cid:15)(cid:3)
`
`(cid:51)(cid:79)(cid:68)(cid:76)(cid:81)(cid:87)(cid:76)(cid:73)(cid:73)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:79)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3)(cid:83)(cid:68)(cid:76)(cid:71)(cid:3)(cid:68)(cid:85)(cid:87)(cid:76)(cid:73)(cid:76)(cid:70)(cid:76)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:76)(cid:81)(cid:73)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:83)(cid:85)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:72)(cid:79)(cid:72)(cid:70)(cid:87)(cid:85)(cid:82)(cid:79)(cid:92)(cid:87)(cid:76)(cid:70)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:76)(cid:79)(cid:80)(cid:3)(cid:70)(cid:68)(cid:83)(cid:68)(cid:70)(cid:76)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:71)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)
`
`(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:38)(cid:79)(cid:68)(cid:86)(cid:86)(cid:3)(cid:51)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:69)(cid:92)(cid:3)(cid:86)(cid:88)(cid:73)(cid:73)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:87)(cid:76)(cid:87)(cid:85)(cid:88)(cid:86)(cid:87)(cid:3)(cid:76)(cid:81)(cid:77)(cid:88)(cid:85)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:83)(cid:72)(cid:85)(cid:87)(cid:92)(cid:17)(cid:3)
`(cid:44)(cid:44)(cid:17)(cid:3)
`
`(cid:42)(cid:50)(cid:57)(cid:40)(cid:53)(cid:49)(cid:48)(cid:40)(cid:49)(cid:55)(cid:3)(cid:44)(cid:49)(cid:57)(cid:40)(cid:54)(cid:55)(cid:44)(cid:42)(cid:36)(cid:55)(cid:44)(cid:50)(cid:49)(cid:54)(cid:3)
`
`(cid:20)(cid:22)(cid:17)
`
`(cid:38)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:76)(cid:82)(cid:8