Following six years of litigation in which class-actioners successfully sued Cablevision (NYSE: CVC) over their anti-trust claim that the MSO restricts them from using cheaper third-party set-top boxes, the payouts have finally begun.
And let's just say nobody's getting rich except — of course — the lawyers.
Current Cablevision customers who leased a set-top from the MSO between April 30, 2004 and March 9, 2016 can receive service credits valued at $50 to $140 or a one-time bill credit ranging from $20 to $40. Former customers who leased a box during the eligibility window can receive a one-time cash benefit of $20 to $40.
The settlement, which was announced in December, more than a month before the FCC announced its "Unlock the Box" proposal, also obligates Cablevision to open its systems to certain third-party set-top box providers. It's unclear as to how this mandate proceeds, given the regulatory backdrop and the purchase of Cablevision by Altice NV.
Cablevision also agreed to pay $9.5 million in attorneys' fees for the six-year-old anti-trust case that involves Cablevision customers in New York, New Jersey and Connecticut.
- reads this class action settlement page
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