Print 21 comment(s) - last by SublimeSimplic.. on Dec 11 at 7:32 AM

Sharp will pay $120 million in fines for price fixing

When the economy around the world first starting showing signs of serious trouble some firms took illicit measures to preserve their income streams. These illicit methods involved price fixing and one of the high profile cases of price fixing came from the LCD industry.

DailyTech reported in November that three of the largest LCD manufacturers in the world -- Sharp, LG, and Chunghwa Picture Tubes -- had all pled guilty to price fixing in the LCD industry. At the time, the fines levied against the three firms totaled $548 million with Sharp footing the lion's share of the fine at $400 million.

The U.S. Justice Department has announced that Sharp and LG will be sentenced in mid-December. Reuters reports that LG will be sentenced on December 15 and will pay the $400 million fine previously reported. Sharp will be sentenced on December 16 and will be fined $120 million. The exact amount of the fine levied against Sharp was unknown when DailyTech first reported fines were levied.

Sentencing for the two firms is set for the U.S. district court in San Francisco. No mention has been made on the fines that the third company embroiled in the scandal -- Chunghwa Picture Tubes -- will have to pay or when sentencing will take place. All three firms are said to be cooperating with European and Asian antitrust authorities.

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By Gzus666 on 12/10/2008 2:20:58 PM , Rating: 4
Meanwhile, I owned an LG and currently own a Sharp LCD TV and I get jack squat for the price fixing, GO TEAM!

RE: Damnit
By mvpx02 on 12/10/2008 2:35:08 PM , Rating: 3
Exactly. If this were a class action lawsuit, the lawyers would get 90% while the consumers could each probably count on a coupon for like $5 off the purchase of a new LCD TV, but at least then we'd know where all the money went.

RE: Damnit
By Mutz1243 on 12/10/2008 8:51:02 PM , Rating: 2
Everyone got equally ripped off since the panels in pretty much every lcd tv is made by either LG or Sharp. It doesn't make a difference if the finished product was assembled by them or not.

RE: Damnit
By SublimeSimplicity on 12/11/2008 7:32:30 AM , Rating: 2
...and now that the companies all have to account for a $120M fine in their bottom line, prices of LCDs should drop like rocks. Mission accomplished.

“And I don't know why [Apple is] acting like it’s superior. I don't even get it. What are they trying to say?” -- Bill Gates on the Mac ads
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