LAWSUITS NEWS & LEGAL INFORMATION
LG Display, AUO and Toshiba Settle LCD Price-Fixing Class Action Lawsuit
San Francisco, CA: AU Optronics Corp, LG Display Co, and Toshiba Corp have agreed to pay $543.5 million in settlement of a price-fixing
class action lawsuit. The companies are alleged to have fixed prices for the screens, driving up prices from 1999 to 2006, according to the class-action lawsuit filed in 2007.
The lawsuit, In RE TFT-LCD Antitrust Litigation, 07-01827, U.S. District Court, Northern District of California (San Francisco), alleged that manufacturers of the flat screen panels used in TV screens and computer monitors conspired to fix prices.
Consumers in 24 states who overpaid for electronics because of the alleged price-fixing will have access to the settlement monies. When combined with an earlier settlement by other panel manufacturers also accused of price-fixing, of $538.5 million, this settlement totals out at over $1 billion, setting a record for recovery in a class action, or group, lawsuit over price-fixing.
The manufacturers must also pay civil penalties of $27.5 million to eight states, bringing the total settlement amount to $571 million.
Published on Jul-12-12
The lawsuit, In RE TFT-LCD Antitrust Litigation, 07-01827, U.S. District Court, Northern District of California (San Francisco), alleged that manufacturers of the flat screen panels used in TV screens and computer monitors conspired to fix prices.
Consumers in 24 states who overpaid for electronics because of the alleged price-fixing will have access to the settlement monies. When combined with an earlier settlement by other panel manufacturers also accused of price-fixing, of $538.5 million, this settlement totals out at over $1 billion, setting a record for recovery in a class action, or group, lawsuit over price-fixing.
The manufacturers must also pay civil penalties of $27.5 million to eight states, bringing the total settlement amount to $571 million.
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