Asian firms to pay $571 mn more in US LCD case

Jul 12, 2012
Costco customers look at a display of LCD HDTV televisions in San Francisco, California. Three major Asian manufacturers have agreed to pay fines of $571 million to US states as part of the ongoing case on price-fixing of LCD displays for electronic devices, officials said Thursday.

Three major Asian manufacturers have agreed to pay fines of $571 million to US states as part of the ongoing case on price-fixing of LCD displays for electronic devices, officials said Thursday.

The settlements were reach with Japan's , of Taiwan and LG of South Korea, according to the New York state attorney general's office.

The case is part of a long-running probe in the United States over a scheme to boost prices for liquid crystal display (LCD) screens used in televisions, , and laptops.

New York is among eight states sharing in the settlement and will get some $10 million through recovery for government purchases and penalties, in addition to restitution to consumers.

The companies in the latest round of settlements agreed to pay $543.5 million to settle antitrust claims and two firms will pay $27.5 million in fines and penalties to the states.

Together with seven earlier settlements, the payments will top $1.1 billion.

"This price-fixing scheme created an unlevel playing field for businesses that abide by the rules, and left consumers paying artificially higher costs for televisions, computers and other electronics," said New York State Attorney General Eric Schneiderman.

The complaint alleged that the companies agreed to inflate prices from 1999 on the LCD products.

Rival LCD makers met in secret in karaoke bars, tea rooms, and hotel conference rooms in Taiwan to set prices rather than letting market forces prevail, according to US officials.

When all settlements are in place, officials said consumers in 24 states and the US city of Washington will be eligible for compensation totaling $692 million.

Information about the settlements and the court approval process, is available at www.lcdclass.com

Explore further: Alibaba surges in Wall Street debut

add to favorites email to friend print save as pdf

Related Stories

Samsung, Sharp in LCD price-fixing settlement

Dec 27, 2011

South Korea's Samsung, Japan's Sharp and five other Asian firms have agreed to a $553 million settlement for illegally fixing liquid crystal display prices, New York state's attorney general said Tuesday.

Toshiba fined in US antitrust case

Jul 03, 2012

Japanese electronics giant Toshiba said Tuesday a jury has ordered it to pay $87 million in a price-fixing case on LCD displays, but that it ultimately may not end up paying damages.

AU Optronics guilty in display screen price-fixing case

Mar 14, 2012

Taiwan's largest maker of displays for computers, smartphones and other gadgets was convicted on Tuesday of taking part in a price-fixing conspiracy that brought in more than a half-billion dollars in "ill-gotten gains."

S. Korean antitrust agency fines LCD makers $175m

Oct 30, 2011

Seoul's antitrust agency said on Sunday it had fined 10 of the world's leading flat panel makers in South Korea and Taiwan a total of 194 billion won ($175 million) for price fixing.

Recommended for you

Alibaba surges in Wall Street debut

9 hours ago

A buying frenzy sent Alibaba shares sharply higher Friday as the Chinese online giant made its historic Wall Street trading debut.

Alibaba makes Wall Street debut

14 hours ago

Alibaba made its long-awaited Wall Street debut Friday on the heels of a record stock offering that opens the door to global expansion for the Chinese online retail giant.

Alibaba IPO to boost employee fortunes to $8 bn

17 hours ago

Employees of Chinese e-commerce giant Alibaba will see their fortunes swell to nearly $8 billion as the company prepares a massive US stock offering that could be valued at $25 billion.

Alibaba mega IPO caps founder Jack Ma success tale

20 hours ago

When Jack Ma founded Alibaba 15 years ago he insisted the e-commerce venture should see itself as competing against Silicon Valley, not other Chinese companies. That bold ambition from a time when China was ...

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

Tangent2
not rated yet Jul 12, 2012
What about other countries that use LG products, such as Canada? The US weren't the only ones affected.