samsungdisplay Samsung and others settle LCD price fixing case for $553 million

Samsung and a number of other LCD display makers have settled a price-fixing case for $553 million.

Samsung and a number of other LCD display makers have settled a price-fixing case for $553 million.

 
The seven firms involved in the settlement include Samsung, Sharp, Chimei Innolux, Hitachi, HannStar, Chunghwa Picture Tubes and Epson Imaging Devices, all of which are accused of conspiring to fix LCD panel prices between the years 1999 and 2006.
 
Over $890 million has already been paid out by the companies to settle previous antitrust cases, but the latest payment is aimed at resolving claims by indirect purchasers and eight US states.
 
samsungdisplay Samsung and others settle LCD price fixing case for $553 million
 
"This price-fixing scheme manipulated the playing field for businesses that abide by the rules, and left consumers to pay artificially higher costs for televisions, computers and other electronics," said New York Attorney General Eric Schneiderman.
 
Samsung will pay $240 million, Sharp will fork out $115.5 million, and Chimei Innolux will hand over $110.3 million. Smaller payments are demanded of Hitachi, HannStar, Chunghwa and Epson, with the companies paying $39 million, $25.7 million, $5.3 million and $2.9 million respectively. A number of state penalties, up to $6 million per company, were also applied.
 
Other companies accused of price-fixing, including AU Optronics, LG Display and Toshiba, have yet to reach a settlement, but will likely be forced to pay out millions of dollars.
 
Source: Reuters