Several residents of northern California are getting a lesson in the meaning of the legal term "class action." they are recipients of a court-ordered payoff to certain charge account customers who bought women's clothing (excluding shoes, hats, and accessories) from Saks Fifth Avenue, I. Magnin, or Bullock's between 1963 and 1974.
Notices of settlement have gone to possible recipients for filing claims before Nov. 14. the antitrust case involves claims that northern california branches of the stores "violated the federal antitrust laws by allegedly conspiring to raise, fix, stabilize, and maintain retail prices charged by the defendants for women's clothing in northern California. . . ." The stores have denied the claims but have agreed to settle to avoid further litigation. Preliminary agreements indicate that Saks will pay out a total of $492,500, while I. Magnin and Bullock's will remit $1.4 million as charge account credits to claimants.