HP is seeking unspecified damages
Computer maker HP has filed suit against Chunghwa Picture Tubes and Tatung Company of America seeking to recover damages because of LCD price-fixing. Both of those companies are subsidiaries of Tatung Company, a consumer electronics maker from Taiwan.
In November of 2008, the companies pled guilty to participating in a conspiracy with other major LCD display manufacturers to set fixed pricing for TFT-LCD panels at predetermined levels. The company had agreed to pay a $65 million fine for its part in the conspiracy.
"HP has filed suit against Chungwha Picture Tubes, Ltd. and its subsidiary Tatung Company of America, Inc., in a California court to recover damages the company suffered as a result of the defendant's admitted participation in a TFT-LCD price fixing scheme from 1996-2006," HP's vice president of corporate communications, Howard Clabo, said Tuesday via email.
"HP has suffered significant damages as a result of the price-fixing conspiracy in which Chungwha has admitted it participated," Clabo said.
HP reportedly tried to settle the case out of court, but negotiations failed. Clabo says that after negotiations failed taking the matter to court was HP's only option.
HP is currently in a bit of financial turmoil and is looking for ways to improve its bottom line. HP recently racked up an $8.8 billion write-down on its purchase of software firm Autonomy.
The massive write-down led to HP reporting a $6.9 billion loss in Q4. HP alleges that the giant write-down was the result of "serious accounting improprieties" at Autonomy.
Source: Computer World
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