As part of a class action settlement, $175 million worth of free cosmetics products will be distributed to anyone who has purchased department store makeup or fragrance between May 1994 and July 2003. The probably includes you, if you’re reading a fashion blog.

The giveaway will continue for a maximum of seven days or while supplies last. It’s a first come-first serve proposition, so no rainchecks. Products will be distributed at stores owned by the “Retailer Defendants.”

The defendants, who we will now call freebie central, include:

* Dillard’s

* Macy’s

* Neiman Marcus

* Nordstrom

* Saks Fifth Avenue

You are entitled to ONE free cosmetic or fragrance worth $18 to $25, if you meet the eligibility above from ONE of the defendants. And, who the heck hasn’t bought something. The advertisements are so enticing.

But don’t be greedy. You’re on the honor system. If the brand of your first choice doesn’t have any product available, you can go to another counter from which you have also made a purchase. You’ll need to sign a document noting your “settlement,” but reports say that people are not being asked for their I.D. or any official documentation.

The free cosmetics are the result of a 2003 class-action lawsuit settlement in California in which the plaintiffs alleged that businesses conspired to keep prestige cosmetic prices elevated and inflate their profits (shockingly capitalist!). The case was settled with no wrongdoing admitted. But no one gives away $175 million without sort of admitting that they screwed up.

The result: a $175 million pay-off … I mean, giveaway.

The participating cosmetics companies include:

* Chanel, Inc.
* Christian Dior
* Estée Lauder
* Loréal (Lancome)

The giveaway began today, but can last up to a week or until supplies run out.

For the specifics on the case and the legal jargon, click here for the legal document on the settlement.