TweakTown
Tech content trusted by users in North America and around the world
5,686 Reviews & Articles | 36,201 News Posts
Weekly Giveaway: Fractal Design Arc Cases Contest (Global Entry!)

Hitachi pleads guilty to LCD price fixing

Agrees to pay $31 Million in fines

| Posted: Mar 11, 2009 6:52 pm

An economic downturn is not the time you want to get hit with big fines.
Unfortunately that is exactly what has happened to Hitachi. It seems they finally confessed to helping to fix prices on LCD panels with rivals.

 

Their punishment for this is a hefty $31 Million dollars. Hitachi and three other companies kept prices artificially high on TFT (thin film transistor) LCD panels according to the charges.

 

Hitachi sold primarily to Dell over the period from 2001 to 2004. And is getting the smallest of the fine handed out to the three in the conspiracy.

 

Read more here.

 

Hitachi pleads guilty to LCD price fixing

The fine is by far the smallest handed out to a company involved in the shenanigans. Late last year, LG Display agreed to pay $400 million (£291 million) for its role in the conspiracy, while Sharp paid $120 million (£87million) and Chunghwa $65million (£47 million).

 

Several executives within the companies also pleaded guilty, and were sentenced to jail and fines ranging from $20,000 to $50,000 (£14,500 to £36,300).

 

Scott Hammond, acting assistant attorney general in charge of the DoJ's anti-trust division reckons, "This case should send a strong message to multinational companies operating in the US that, when it comes to enforcing US anti-trust laws, we mean business."

 

Related Tags

Further Reading: Read and find more news at our news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts

Latest Downloads

View More Latest Downloads

TweakTown Web Poll

Question: Did EA kill the Battlefield franchise with the terrible BF4 issues?

Yes, Battlefield is doomed

No, Battlefield will live on strong

I'm not sure, but I know EA needs to improve its game

or View the Results

View More Polls

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases
Get TweakTown updates via Facebook!
Just click the "Like" button below