October 14, 2005

Samsung fined $300M for conspiracy

Samsung Electronics was found guilty by the U.S. Department of Justice Thursday for conspiring to set prices on computer chips and fined $300 million.

The Justice Department said the South Korean electronics giant conspired to fix the price of memory chips between April 1999 and June 2002, affecting all major computer manufacturers in the United States.

"By conspiring to drive up the price ... Samsung and its co-conspirators forced consumers to pay more for these products," said the department's acting antitrust head, Thomas Barnett.

Samsung is one of the biggest semiconductor manufacturers in the world, and the Justice Department imposed the second-largest antitrust fine in U.S. history against the company.

Copyright 2005 by United Press International

Citation: Samsung fined $300M for conspiracy (2005, October 14) retrieved 18 September 2024 from https://phys.org/news/2005-10-samsung-fined-300m-conspiracy.html
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