LG to pay $380M in settlement of LCD price-fixing case

Jul 13, 2012
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LG to pay $380M in settlement of LCD price-fixing case

LG is the latest company to jump on the settlement bandwagon as part of a class action case that involved accusations of conspiring to price fix LCD displays. The company has agreed to pay $380 million--the biggest sum amongst all companies involved in the case.

Three companies collectively agreed to pay a total of $571 million to settle the case, including AU Optronics and Toshiba, paying $170 million and $21 million, respectively. Other companies involved in the case including Samsung, Sharp and Hitachi have had settlements approved.

The most recent settlement will bring the total to over $1 billion. Once approved, it will  be the largest settlement in a US price-fixing case. A previous settlement that targeted victims of price-fixed LCD panels on televisions and computers between 2001 and 2006 had resulted in a total settlement of $388 million, split between the companies that were involved.

[via Verge]


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