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Five major LCD panel makers, including Samsung, Sharp, Hitachi, HannStar, and Chimei Innolux; agreed to pay over US $553 million in settlement to regulators for a price-fixing case. The case by regulators alleged that these companies colluded to fix prices of LCD panels 1999 and 2006, affecting billions of dollars of commerce. The scam unearthed in 2006, by regulators of Japan, Korea, United States, and the European Union. Many companies and executives have since pleaded guilty to criminal antitrust violations and paid more than US $890 million in fines so far.
The latest payout of $553 million is aimed to resolve claims by "indirect" purchasers that bought televisions and computers with thin film transistor LCDs, as well as claims by eight USA states: Arkansas, California, Florida, Michigan, Missouri, New York, West Virginia and Wisconsin. It also includes payments of $14.7 million by the companies to settle civil fine and penalty law claims by the states, the office of New York Attorney General Eric Schneiderman said. He stated "This price-fixing scheme manipulated the playing field for businesses that abide by the rules, and left consumers to pay artificially higher costs for televisions, computers and other electronics."
The composition of this payout includes US $240 million by Samsung, $115.5 million by Sharp, $110.3 million by Chimei Innolux, $39 million by Hitachi, and $25.7 million by HannStar. Smaller contributors to this payout include $5.3 million by Chunghwa Picture Tubes Ltd., and $2.9 million by Epson.
Interestingly, these are not the only companies that are part of the racket. Taiwan-based AU Optronics, which is a very large display panel manufacturer that sells panels to major ODMs, and Korea's LG Electronics are yet to settle.
View at TechPowerUp Main Site
The latest payout of $553 million is aimed to resolve claims by "indirect" purchasers that bought televisions and computers with thin film transistor LCDs, as well as claims by eight USA states: Arkansas, California, Florida, Michigan, Missouri, New York, West Virginia and Wisconsin. It also includes payments of $14.7 million by the companies to settle civil fine and penalty law claims by the states, the office of New York Attorney General Eric Schneiderman said. He stated "This price-fixing scheme manipulated the playing field for businesses that abide by the rules, and left consumers to pay artificially higher costs for televisions, computers and other electronics."
The composition of this payout includes US $240 million by Samsung, $115.5 million by Sharp, $110.3 million by Chimei Innolux, $39 million by Hitachi, and $25.7 million by HannStar. Smaller contributors to this payout include $5.3 million by Chunghwa Picture Tubes Ltd., and $2.9 million by Epson.
Interestingly, these are not the only companies that are part of the racket. Taiwan-based AU Optronics, which is a very large display panel manufacturer that sells panels to major ODMs, and Korea's LG Electronics are yet to settle.
View at TechPowerUp Main Site
I want my money back