Yes, it's come to that. I received a letter today from the "Kryptonite U-Lock Litagation Settlement" informing me of a proposed settlement to a class action lawsuit regarding the tubular key locks. I suspect that everyone who has a registered lock of the type included in the suit will be getting one.
The pending settlement allows class members to choose relief in the form of either a free comparable lock exchange, or a $10 certificate good for a future Kryptonite purchase. There is also relief granted to anyone who had a bike stolen by violation of the lock mechanism of up to $3000.
The attorneys will get up to $690,000 as compensation for their efforts.
Although the settlement is not yet final, if you are a member of the class, you can get instructions on filing a claim by going to www.kryptonitesettlement.com (well, not quite yet, but the site is up). An address is provided for opting out of the class, should a class member wish to do so (presumably to pursue separate litigation).
I find it curious that the proposed settlement provides little more benefit to lock owners above what Kryptonite has already implemented voluntarily and without a lawsuit - namely the free exchange of tubular key locks. A $10 voucher is far inferior to a lock exchange (you do keep your lock under this option) though a bike theft reimbursement would be good if you had a bike stolen and can qualify for the reimbursement.
I, for one, am glad that I have already gotten my replacement lock without helping to enrich some attorneys. Does anyone know if opting out of a class action settlement reduces the compensation received by the lawyers?