LCD Price Fixing Settlement Totals $553M
December 28, 2011 12:54 PM
comment(s) - last by
LCD companies still dispute claims
Companies in the tech world at times resort to some very questionable tactics to maintain or boost profits. Such is the case with some of the largest firms in the technology realm when they conspired between 1999 and 2006 to artificially fix the prices of LCD screen that are used in a variety of electronic devices. LCDs are used in devices like notebooks, smartphones, TVs and more.
The legal drama, fines, and other issues in the LCD market have been ongoing for years now. Sharp and LG were
in part of the price fixing scandal as far back as 2008. The LCD makers embroiled in the case have settled the price-fixing case for a total of $553 million between the guilty parties. The companies that are part of the settlement include Samsung, Sharp, Chimei Innolux Corp, Hitachi Displays Ltd, HannStar Display Corp, Chunghwa Picture Tubes Ltd, and Epson Imaging Devices Corp.
"This price-fixing scheme manipulated the playing field for businesses that abide by the rules, and left consumers to pay artificially higher costs for televisions, computers and other electronics," New York Attorney General Eric Schneiderman said in a statement on Tuesday. The settlement will be dived out between eight states including Arkansas, California, Florida, Michigan, Missouri, New York, West Virginia, and Wisconsin.
Samsung will pay the largest part of the fine at $240 million, Sharp will pay $115.5 million, and Chimei Innolux Corp will pay $110.3 million. Hitachi is on the hook for $39 million, HannStar Display will pay $25.7 million, Chunghwa will pay $5.3 million, and Epson will pay $2.9 million.
The settlement agreement will also see the firms set up antitrust compliance programs. The court still needs to give the final approval to the deal. It's also worth noting that
reports the court documents still show that the firms are disputing the allegations, even though they are settling for millions.
This article is over a month old, voting and posting comments is disabled
12/28/2011 7:50:25 PM
So employee x of company y colludes with employee a of company b to fix the price of z. This is illegal.
Government c finds out about it and charges companies b and y a fine, which is then passed onto consumer d and hurts the industry.
So the consumers pay the price for something illegal that employees x and a did, instead of employees x and a.
Gotta love limited liability for entities with virtually limitless resources and limitless motivation for exploiting a system that rewards them for doing just that.
"There is a single light of science, and to brighten it anywhere is to brighten it everywhere." -- Isaac Asimov
Sharp, LG to be Sentenced for LCD Price Fixing this Month
December 10, 2008, 1:41 PM
Hackers Steal Roughly $1 Billion From Banks Using Malware RAT
February 17, 2015, 9:30 AM
NVIDIA Kills Mobile GPU Overclocking, Robs Customers Who Paid For It
February 16, 2015, 8:59 AM
Apple Offers Refurbished 5K Retina iMacs for $2,119 Online
January 16, 2015, 12:37 PM
SanDisk Unveils Pricey iXpand USB 2.0/Lightning Drive to Expand iPhone, iPad Storage
November 13, 2014, 2:29 PM
HP's 15.6" Omen Gaming Laptop is Incredibly Thin, Powerful
November 4, 2014, 10:34 AM
Tim Cook Touts Apple’s Product Portfolio, Performance in Letter to Employees
October 21, 2014, 8:05 AM
Most Popular Articles
Google Steps up Snub of Adobe Flash, Auto-Converting Flash Ads to HTML5
February 25, 2015, 6:16 PM
HTC's Sense UI is Garbage: A Tale of Disappearing Keyboards and Desperate Fixes
February 24, 2015, 11:00 AM
StarDock Unveils Start10 Start Menu Replacement for Windows 10
February 25, 2015, 11:24 AM
FCC Bans Data Discrimination, Defies Comcast, Adopting Net Neutrality Regulation
February 26, 2015, 4:03 PM
Cool Nature Video: Crazy Coconut Octopus Braves Dry Land to Capture Crab
February 24, 2015, 4:18 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information