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LCD price-fixing case settled, Sharp, Samsung and six others agree to pay $388 million to settle

Sharp, Samsung, Chimei and others agree to pay $388 million to settle price-fixing lawsuit

| Business, Financial & Legal News | Posted: Dec 8, 2011 5:21 am

Sharp Corp., Samsung Electronics Co., and six other makers of LCD panels have agreed to pay $388 million to settle price-fixing claims by direct purchasers of the products. Sharp, Japan's largest panel maker paid $105 million, Samsung, who are the world's largest TV maker, paid $82.7 million and then we have Chimei Innolux Corp who are Taiwan's largest maker of display panels, paying $78 million.

 

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The price-fixing isn't just for a few years, according to a class action, or group lawsuit filed in 2007, this has been going on from 1999 to 2006. Where the companies allegedly fixed prices of the panels, driving up prices for purchasers who bought the screens or goods containing them.

 

The U.S. Justice Department investigation ended in guilty please from LG Display Co., Chunghwa Picture Tubes and Sharp. The companies agreed in 2008 and 2009 to pay $585 million in criminal fines.

NEWS SOURCES:Bloomberg.com

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