Thursday, July 12th 2012
LG, AUO, Toshiba Cough Up Fines to Settle Price-Fixing Case
Fence-sitters in the massive LCD panel price-fixing case, LG, AUOptronics, and Toshiba, finally agreed to pay their share of fines to settle. The three combined will pay US $571 million in fines, according to an attorney for the plaintiffs. The amount includes US $27.5 million in civil penalties for eight state governments (Arkansas, California, Florida, Michigan, Missouri, New York, West Virginia and Wisconsin).
In late-December 2011, the first set of fines were collected from LCD panel majors Samsung, Sharp, Hitachi, HannStar, and Chimei Innolux; who cumulatively paid US $553 million in the price-fixing case, as LG, AUO, and Toshiba abstained. AUOptronics was faced with the prospect of having to pay fines as high as US $1 billion. The case involves alleged price-fixing and cartel behavior by LCD panel makers in the period between 1996 and 2006, which stunted LCD panel development, and overpriced products to the consumers, by stifling competition.
Source:
Reuters
In late-December 2011, the first set of fines were collected from LCD panel majors Samsung, Sharp, Hitachi, HannStar, and Chimei Innolux; who cumulatively paid US $553 million in the price-fixing case, as LG, AUO, and Toshiba abstained. AUOptronics was faced with the prospect of having to pay fines as high as US $1 billion. The case involves alleged price-fixing and cartel behavior by LCD panel makers in the period between 1996 and 2006, which stunted LCD panel development, and overpriced products to the consumers, by stifling competition.
8 Comments on LG, AUO, Toshiba Cough Up Fines to Settle Price-Fixing Case
My Govt and states sue over price fixing of LCD panels but not over Life saving Medicines?!
I hate this fucking Country!!!!!
This isn't the USA I grew up in.
anyways good to see some of the big names being caught and having to cough up some cash!
because you are blind with pride of being "American" instead of facing problems like a man and fix them
as for this sueing shiz thats so freaking stupid, politicians just collecting some1 elses money for more summer vacations, and taking money from were its least significant
lcds arent even expensive, tvs and monitors have only been getting cheaper and cheaper
so thank you so much for being worried about us paying too much money, your compassion is very much appreciated, except for the 20% tax you slap off every one of my paychecks, and that 10% tax whenever i spend a penny, as well as home taxes, and school taxes. and the gazillion other taxes that went up the roof after 911(all for our security remember?) and all this to only end up in a worst economy than ever
yes the government is clearly worried about you and me
and is sucking the life out of you while u sit and cheer for it