Kodak OKs Pay-Out of $150 Million in Instant Camera Suit
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CHICAGO — Eastman Kodak Co. agreed today to settle for $150 million a class-action lawsuit resulting from its now-defunct instant camera line.
Under the terms of the agreement, Kodak will pay at least 4.2 million owners of its instant cameras between $50 and $70 each in cash and coupons.
Kodak stopped selling instant cameras and instant film after a federal court in 1985 said the company had violated patents held by Polaroid Corp.
Kodak will publicize the settlement in 100 newspapers on May 22. Anyone who owns an instant camera and is not yet a party to the class-action lawsuit can clip the claim form and send it in along with the camera’s nameplate by Aug. 1.
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