LG will pay $380 million fine for fixing prices for LCD screens
The scandal of price fixing among manufacturers of screens and LCD panels reached a new agreement after permanently closed, in which LG, AU Optronics and Toshiba agreed to pay a combined Fine of over $500 million.
Of the three companies, the most affected was that LG will have to pay a check for $380 million, while AU Optronics will have to do the same but for a relatively small amount: $170 million. Meanwhile, Toshiba will pay “only” $21 million, although a company representative said that Toshiba denies any wrongdoing and that was only part of the agreement to end the processing and forget about it.
These three brands were not the only ones involved, since before he had reached an agreement with other among which include Samsung and Sharp. Adding up the figures, the total given over 1,000 million in fines to pay for the crime of Collusion and price fixing, which caused between 1999 and 2006 were paid artificially inflated prices for electronic products such as TVs or laptops.
Much of the total money (said to be almost $ 700 million) will be used to give refunds to customers who were affected over several states within the United States.
– LG to pay $ 380 million to settle price-fixing panel display case (Reuters)
- NY Settles Price-Fixing LCD Another Case for $ 543.5 Million (PC Magazine)