NEW YORK ( TheStreet) -- Netflix ( NFLX) subscribers have taken to the Internet regarding an e-mail that was sent last night from OnlineDVDClass.com regarding a class-action suit between the movie rental giant and Wal-Mart ( WMT).

According to the e-mail, Wal-Mart has reached a proposed settlement in the ongoing class-action suit. If approved by a judge in March, Netflix subscribers who were paying customers between May 19, 2005 and Sept. 2, 2011 will divide $27.5 million among them in the form of a Wal-Mart gift card. To be included in the settlement, Netflix customers must file a claim before Feb. 14, 2012.

The class-action suit came about in response to a dinner meeting in 2005, at which the CEOs of Netflix and Wal-Mart allegedly agreed to share the DVD market. According to consumer advocates, under the pact Wal-Mart agreed not to rent DVDs if Netflix promised not to sell them. Class-action suits were filed against both companies in 2009, claiming that the agreement violated antitrust laws.

Netflix won't settle the suit, the e-mail said, and will go to trial in January. The company previously told TheStreet that the case has "no merit" and it will go to trial.

Netflix has accused Wal-Mart of using the suit to lure its subscribers to Wal-Mart's Vudu movie service.

Netflix and Wal-Mart didn't return requests for comment.

- Reported by Jeanine Poggi in New York.

Follow TheStreet.com on Twitter and become a fan on Facebook.

If you liked this article you might like

It's Dumb to Think Amazon Will Be Able to Skirt Regulators Forever

It's Dumb to Think Amazon Will Be Able to Skirt Regulators Forever

Can Private Labels Revive Retail?

Can Private Labels Revive Retail?

Jim Cramer: You Have to Decide If You Want to Profit From This Moment

Jim Cramer: You Have to Decide If You Want to Profit From This Moment

Hasbro CEO: No Long-Term Impact to Us From Toys 'R' Us Bankruptcy

Hasbro CEO: No Long-Term Impact to Us From Toys 'R' Us Bankruptcy

Buy Walmart at This Not Everyday Low Price?

Buy Walmart at This Not Everyday Low Price?