Toshiba fined $87M for alleged LCD price-fixing

Toshiba fined $87M for alleged LCD price-fixing

Summary: U.S. jury wants to fine Japanese electronics giant for conspiring to fix prices of LCD panels, but company denies charges and aims to "correct that finding", report says.

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TOPICS: Legal, Hardware
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In the United States, a jury has ruled that Toshiba conspired to fix prices of liquid crystal display (LCD) panels, and therefore liable to pay US$87 million in damages.

Reuters reported Wednesday that the jury in a federal court in San Francisco demanded the Japanese electronics giant to pay US$17 million to manufacturers that used LCD panels, and US$70 million to consumers who bought the finished products.

The case stemmed from a class action suit filed in 2007 by purchasers of LCD panels and related products in the United States, the report noted.

Toshiba said in a statement it does not "expect [itself] to pay any damages as a result of this verdict, given credits for settlements by other defendants", AFP reported. This refers to how the settlement by other defendants in the lawsuit already exceed the fine against Toshiba.

"Toshiba has consistently maintained that there was no illegal activity on its part in the LCD business in the United States, and Toshiba continues to hold that view," the statement said.

The company "believes that the jury's verdict is in error as to the finding of wrongdoing on Toshiba's part" and will "pursue all available legal avenues to correct that finding", it added.

Several other companies have been charged in the case, with Taiwan's AU Optronics among those found guilty, noted AFP in a separate report.

According to U.S. officials, the LCD makers met in secret in karaoke bars, tea rooms and hotel conference rooms in Taiwan to fix prices, said the newswire.

 


Topics: Legal, Hardware

Jamie Yap

About Jamie Yap

Jamie writes about technology, business and the most obvious intersection of the two that is software. Other variegated topics include--in one form or other--cloud, Web 2.0, apps, data, analytics, mobile, services, and the three Es: enterprises, executives and entrepreneurs. In a previous life, she was a writer covering a different but equally serious business called show business.

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  • Awfully small fine considering what was going on

    If the government truly wants to dissuade things like this, the fines HAVE to be more than the profit from doing these things, otherwise businesses will just keep on doing them.

    After a few companies have to file for bankruptcy due to fines, these things will finally stop.
    Lerianis10