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Friday, July 13, 2012
LCD Makers To Pay $571 Million to Settle Price-fixing Case

Attorneys general from 24 states on Thursday announced they have reached settlement agreements with LCD makers LG Display, AU Optronics and Toshiba, who will pay close to $571 million end the price-fixing case against them.

LG Electronics has agreed to pay $380 million to resolve the civil lawsuit, the largest amount paid among the ten companies who similarly settled the litigation, a court filing showed on Thursday.

A class action lawsuit alleged a detailed conspiracy from the late 1990s through 2006 to fix LCD prices, resulting in higher costs for buyers of televisions, laptops and other electronics.

An attorney for the plaintiffs on Wednesday disclosed a settlement involving LG, AU Optronics and Toshiba. According to Thursday's court filing, AU Optronics will pay $170 million, while Toshiba will pay $21 million.

In earlier settlements made last month, Samsung has agreed to pay $240 million into the settlement fund, Sharp will pay $115.5 million and Chi Mei will pay $110.3 million.

If the latest deal becomes final, the total recovery for class members will top $1 billion, according to the court filing.

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