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.
quote: Price Fixing – When companies conspire to set prices and thus control or interfere with free market competition, they have violated antitrust laws. Price fixing is considered a criminal offense.