The class action suit covers those with a rejected warranty claim before December 31, 2009 for the Apple iPhone, and before June 10th for the Apple iPod touch. Unlike the usual class action suit where no one gets any more than 50 cents glued to a postcard (except for the lawyers, of course), each member of the class with a verified claim will receive $300 from Apple.
The lead plaintiff in the case is Charlene Gallion of San Francisco. Back in April of 2010, she took her non-functioning Apple iPhone 3G to an Apple Store and was told she could not receive a free repair or replacement because the Liquid Submersion Indicator had a positive reading, indicating that the device had been submerged in a liquid.
source: Bloomberg via AppleInsider