The settlement will either give owners of affected devices $425 in cash or a $700 rebate towards a new LG smartphone. As of now it doesn't appear that the settlement has been certified by the courts, but it certainly seems like a decent deal. The plaintiffs in the LG suit were represented by Girard Gibbs LLP.
LG admitted the problem existed about a year ago and said that the root cause of the bootloop error was a "loose contact between components" inside the smartphones. Despite confirming the issue and offering a root cause, LG never issued a recall on the affected devices or devised a plan to actually fix the issue. This left users who owned the devices with erratically functioning phones that were often still under contract.
LG reportedly knew that there was a problem with devices like the V10 and continued to sell them without making fixes. One of the plaintiffs in the suit says that he had to replace his G4 twice due to failure and that the third phone freezes frequently, forcing him to remove the battery.
The suit alleged that improper soldering of the processor to the mainboard of the device was to blame for issues. The solder often failed due to the heat caused by normal use according to the suit. We don't know at this time when the settlement might be certified and when affected owners might get their money or rebate.