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Message:: [QUOTE="Hobo, post: 345722, member: 11521"]According to the March 17 Coin World (page 4), NGC has settled its lawsuit regarding coins it designated as "First Strikes". A collector sued NGC after buying "First Strikes" bullion coins thinking that they were, under the traditional definition of "First Strike", the first coin or one of the first few coins struck from new dies. The collector later discovered that NGC defined "First Strikes" as coins that were shipped by the Mint during the first month after the release of the coins. The coin holders did not define "First Strikes", however NGC said its definition was on their web site. The litigants agreed to mediation and came to the following terms: NGC admits no wrongdoing. NGC will no longer designate coins as "First Strikes" or "First Strike" unless the coin was "struck as part of a ceremonial striking by the US Mint on the first day of minting". NGC will "establish a $650,000 settlement fund to be distributed, net of attorneys' fees and expenses plus the class representation award, to the ANA for the purpose of educating the public about coins and terminology". The ANA has received $447,095. (So, as usual, the lawyers are really the big winners). ANA plans to use the money to publish a consumer awareness booklet that will contain consumer tips, basic coin grading and coin authentication information and conservation tips. It will also explain the minting process and clearly explain what "First Stikes" are. These booklets will be given to attendees of ANA conventions, ANA dealers and their customers, ANA coin club show attendees and new ANA members. The booklet will also be available on-line. ANA will also educate students of Summer Seminar coin grading couses exactly what "First Strikes" are and what they are not.  Meanwhile, NGC will remain the Official Grading Service of the ANA.[/QUOTE]

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