Samsung, Sharp, Agree to $538M Price-Fixing Settlement

Irvine, CA: A $538.6 million settlement has been agreed between Sharp Corp., Samsung Electronics Co. (005930) and five other makers of liquid crystal display panels which, if approved, would close claims that the company fixed prices on the panels used in computers and televisions. The attorney generals of eight states, including California, Florida and New York are part of the settlement agreements with the manufacturers.

The antitrust lawsuit claimed that the companies fixed prices of thin-film liquid crystal display panels, between 1999 and 2006, which effectively increased the prices for purchasers of devices such as televisions, notebook computers and monitors.

According to court documents, the panel makers agreed to pay $388 million earlier this month, to settle price-fixing claims by direct buyers of the products as part of a series of cases consolidated in federal court. Under the new agreement, roughly $501 million will be available for partial refunds to consumers and about $37 million to compensate governments and other public entities for damages, Bloomberg reports.

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Published on Dec-27-11