Andre Yoskowitz
13 Jul 2012 14:26
LG has confirmed it will pay $380 million to settle a civil lawsuit over LCD price fixing over the last decades.
The settlement will be the largest of the ten companies who have already settled the same case.
Additionally, Toshiba will pay $21 million and manufacturer AU Optronics will pay $170 million to settle.
The lawsuit had claimed that multiple companies conspired in the 90s and early 2000s to fix LCD prices, leading to much higher costs for end users of PC monitors, laptops, and TVs.
Toshiba would not admit wrongdoing, just saying the company "denies any wrongdoing on its part in the LCD business, and it entered into the settlement to avoid further expense and the distraction of protracted litigation."
Samsung, Sharp and Hitachi each settled earlier this year. Overall, the lawsuit will bring $1.1 million for the defendants, which is all buyers of certain electronics from 1998 to 2006.