to fix the prices of refrigeratorcompressors. The plaintiffs were purchasers of refrigerant compressor productsfrom the defendants.The litigationwas a follow-on action to a US Department of Justice and European Commissioninquiry into the market. The antitrust authority in Brazil has alsoinvestigated the market.The settlementwill need to be granted preliminary approval from the court and then finalapproval. No date for the settlement hearings has been made by the court yet.Details of thesettlement The direct plaintiffs filed a motion for preliminaryapproval of the settlement on 8 May. In addition to agreeing to pay the USD41.25m, the parties also agreed to assist the plaintiffs with their claimsagainst the non-settling defendants.The Tecumsehdefendants agreed to pay USD 7m to a settlement fund and an additional USD150,000 for notice and administration costs. The USD 7m representsapproximately 2.7% of Tecumsehs total sales of compressors in the UnitedStates to class members of the proposed settlement during the period between 25February 2005 and 31 December 2008.The Embracodefendants agreed to pay up to USD 30m to a settlement fund and an additionalUSED 500,000 for notice and administration costs. The USD 30m representsapproximately 5.1% of Embracos total sales of compressors to direct purchasersduring the class period in the United States. Within 90 business days after 13February 2013, Embraco will deposit USD 10m into an escrow fund.DanfossFlensburg agreed to pay USD 3.5m to a settlement fund and an additional USD100,000 for notice and administration costs. According to the settlementdocuments, the USD 3.5m represents a percentage of sales substantially greaterthan the percentages applicable to the other Settling Defendants. DanfossFlensburg agreed to deposit the USD 3.5m into an escrow account within tencalendar days of the Courts preliminary approval of the Danfoss settlement.According tothe settlement agreement, any interest on the settlement fund will become partof the settlement fund. The settlement agreement releases all claims againstthe settling defendants except for claims by: (a) direct or indirect purchaseof compressors outside the United States (b) indirect purchase of Compressorsin the United States; or (c) alleged product defect or breach of contractunrelated to the released claims set forth in the agreements, or similarcommercial claim between any of the settling parties and any of the directpurchasers compressors.The settlementagreement also added Danfoss Flensburg as a party defendant. The complaint hadalleged that other Danfoss entities were responsible for the price-fixing, butDanfoss avered that Danfoss Flensburg was the only entity that sold compressorsin the United States.The settlementdocuments can be read here. The case is Refrigerant Compressors AntitrustLitigation, 09-md-02042 US District Court for the Eastern District of Michigan.Proprietaryextracts and summaries are provided by PaRRs global team on a daily basis. Source Proprietary Intelligence.Swiss Re interested in IRB's privatization but less than in 2001,sources say Shareholder meeting to discuss bylaws and capitalraise scheduled for 16 May Level of government control after the sale among keyfactors for potential bid Swiss Re (SREN:VX), the Zurich-based reinsurancecompany, is interested in the privatization of Brazil's reinsurance companyIRB-Brasil Re, but sees such a deal as less compelling than when it was apossibility in 2001, said two Swiss Re sources.IRB currentlyhas BRL 2.8bn (USD 1.4bn) in premiums. Swiss Re was a frontrunner for IRB during