Toshiba has settled claims of alleged antitrust violations in the LCD business brought by direct purchasers of LCD panels and certain products containing such panels.

This settlement follows a July 3 jury verdict against Toshiba, when a federal jury in San Francisco found that Toshiba knowingly participated in a conspiracy to fix the price of liquid crystal displays sold in the United States, contributing to $87 million worth of damages suffered by manufacturers and consumers.

The Japanese company on Thusday said it would pay US$30 million, and the Plaintiffs will relinquish all claims for damages, fees, costs and other relief. The agreement is subject to approval by the U.S. District Court for the Northern District of California (San Francisco).

While Toshiba expected to file a motion for judgment notwithstanding the verdict and an appeal if necessary to overturn the jury verdict, Toshiba settled to avoid the inconvenience associated with further prolonged litigation.

"Toshiba admits no wrongdoing as part of this settlement, and it continues to maintain that it did not engage in illegal activity, "the company said in a statement.