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10 Dec 2009
A sixth electronics manufacturer has admitted to taking part in a major cartel designed to drive up the price of LCD screens.
Taiwanese company Chi Mei Optoelectronics has agreed to pay $220m (£134m) in damages for its part in the scam, bringing the total fines issued in the case to more than $860m (£527m).
"Chi Mei carried out the conspiracy by agreeing during meetings, conversations and communications to charge for TFT-LCD panels at certain pre-determined levels, and issuing price quotations in accordance with the agreements reached," said the FBI in a statement.
"As a part of the conspiracy, Chi Mei exchanged information on sales of TFT-LCD panels for the purpose of monitoring and enforcing adherence to the agreed-upon prices."
The FBI said that the conspiracy to inflate prices began in 2001 and was broken last year. The organisation estimates that the global LCD market was worth $70bn (£43bn) at the time.
AT&T and Nokia have both filed legal actions against those involved for the extra costs incurred buying screens for phones.
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