Featured Articles

Apple iPad Air 2 costs $275 to build

Apple iPad Air 2 costs $275 to build

IHS has told Recode that the Apple iPad Air 2 16GB Wifi costs only $275 to build -- not bad…

More...
LG sells 16.8 million smartphones in Q3 14

LG sells 16.8 million smartphones in Q3 14

As Samsung is losing market share, another Korean company, which many had written off, is gaining.

More...
LG G Watch R EU price set at €299

LG G Watch R EU price set at €299

LG G Watch R is probably the best looking Android Wear device on the market and many have been waiting for…

More...
Nvidia GTX 970 SLI tested

Nvidia GTX 970 SLI tested

Nvidia recently released two new graphics cards based on its latest Maxwell GPU architecture, with exceptional performance-per-watt. The Geforce GTX 970…

More...
Gainward GTX 970 Phantom previewed

Gainward GTX 970 Phantom previewed

Nvidia has released two new graphics cards based on its latest Maxwell GPU architecture. The Geforce GTX 970 and Geforce GTX…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Thursday, 12 July 2012 11:18

LCD panel makers pay out on price fixing

Written by Nick Farrell



Settlement announced


Toshiba, LG and AU Optronics Corp have agreed to pay a combined $571 million to settle a lawsuit over price fixing in the liquid crystal display panel market.

Joseph Alioto, a San Francisco attorney who was co-lead counsel for a class of consumers suing the companies, said the amount includes $27.5 million in civil penalties for eight state governments. Seven other LCD manufacturers had reached an earlier settlement for $538.5 million, which was approved on earlier this week by US District Judge Susan Illston.

This means that it has so far cost the panel makers $1.1 billion in compensation for their price fixing antics. The class action was based on a conspiracy from 1996 through 2006 to fix LCD prices. It meant that buyers of televisions, laptops and other electronics paid a lot more than they needed.

Several companies also pleaded guilty to separate criminal charges and paid fines. Any consumer who files a claim will receive at least $25, Alioto said, and the class could include at least 20 million consumers.

Nick Farrell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments