We hope you’re sitting down before you read any further. Major retailers including Macy’s, Bloomingdales, Bergdorf Goodman and Nordstrom will be giving away $175 million worth of cosmetics and perfumes later this month.

This largesse is the settlement of a class action suit brought against a number of high-end retailers and cosmetics manufacturers for alleged price fixing. Their loss is definitely our gain. While we brace ourselves for what promises to be a free-for-all, we’ve got our eye on freebies such as Estee Lauder Advanced Night Repair and Very Irresistible Givenchy Eau de Toilette.

So here’s the deal: From January 20th through the next seven days-or as long as supplies last-consumers who bought beauty and/or fragrance products between May 1994 and July 2003 from the stores listed in the suit can claim one select free product from every brand that they bought during the period in question. L’Oreal, Estee Lauder and Chanel are among the brands whose products will be handed out.

Since no proof of purchase is required, some people undoubtedly will game the system by going to every participating store and claiming products from every eligible brand. So be fast on your feet before it all goes away.

For more information, go to www.cosmeticssettlement.com