Miami, FL: On May 19, 2011, The Honorable Cecilia M. Altonaga of the United States District Court, Southern District of Florida, approved a final settlement of $4.9 million to class members who claimed they were charged a 5% annual payment increase by GE Capital Information Technology Solutions, Inc. and IKON Office Solutions, Inc., in violation of the express terms of their lease agreements.
"We are extremely pleased with the Court' approval of the final settlement. Approximately nine thousand class members nationwide were included in the settlement, many of these being businesses here in South Florida,"says lead attorney for the class, which primarily includes small businesses around the country, which leased copiers from IKON.
As part of the settlement agreement, the defendants agreed to establish a monetary common fund in the amount of $4,900,000 to compensate class members who timely file and return compliant claims forms to the Settlement Administrator for the amounts overcharged. Further, class members can voluntarily object to any increases to their payments. If they do so, the defendants will then reduce the consumer' contract to their original contract rate and freeze the price of said contracts for the remaining term. It is estimated that this injunctive relief amounts to approximately $3,200,000 in additional benefits to the class.
