Metro-Goldwyn-Mayer Inc. is expected to receive final approval this month to settle claims by at least 587 consumers who alleged they were misled into believing they purchased DVDs with widescreen versions.

The settlement, potentially valued at about $2.7 million, is part of a class-action suit filed two years ago on behalf of all consumers who, from December 1998 to September 2003, bought DVDs with widescreen versions that claimed to have 50 percent more image than standard-format DVDs.

Widescreen versions provide a theater-type experience when watching a movie.

The suit alleged fraud, false advertising and unfair competition and included other claims against five retailers that sold the DVDs.

Under the settlement arrangement, consumers had the option to receive $7.10 for each DVD that is considered “eligible” for settlement claims, or they could replace an “eligible” DVD for a new DVD. The settlement applies to a list of 325 titles.

As of April 15, MGM received claims from 262 consumers seeking a total cash payment of $12,000, and 324 others seeking 1,218 new DVDs. MGM’s lawyer, Patricia Glaser, a partner at Christensen Miller Fink Jacobs Glaser Weil and Shapiro LLP, said the claims totaled about $20,000, not including attorneys’ fees.

“That speaks volumes for the merits of this class action,” said Glaser, who said MGM chose to settle because it was less expensive than fighting the case. She said MGM has not admitted any fault, although the studio later eliminated an insert in its DVD packages that contained the allegedly misleading widescreen image. “It was a picture that arguably could have been confusing,” she said, but “the person who bought the DVD didn’t see it until they bought it.”