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Scamming A Good Days' Work: Data Storage Cartel Busted, Slaps On The Wrist All Round

Optical disc drives have been pretty cheap for years now, yet there is enough money in the business, that three executives managed to collude in price fixing of these devices, scamming HP, Dell and Microsoft in the process - and in the end the consumer, who foots the higher prices. The three are from Hitachi-LG Data Storage Inc. (HLDS) and have reached a plea agreement with the U.S. Department of Justice on price fixing charges for optical disc drives during the 2005-2009 timeframe. According to Security Week, the three executives, Sang Hun Kim, Young Keun Park, and Sik Hur, will each pay $25,000 USD in fines and serve little sentences of seven to eight months in prison at a "correctional facility" aka prison, that is yet to be decided.
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Apr 18th, 2024 03:22 EDT change timezone

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