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LG reaches $380m settlement in display panel price-fixing case

13 Jul 2012

LG has agreed to pay $380m to end a civil lawsuit accusing it of colluding to keep the cost of liquid crystal displays (LCD) artifically high, according to reports.

LG is one of 10 companies, including Samsung and Toshiba Electronics, accused by US anti-trust regulators of meeting with competitors to manipulate the price of LCD screens between 1999 and 2006.

The total value of the settlements from all 10 companies accused of price fixing now tops $1bn.

The meetings were reportedly intended to help the involved companies keep the prices of their television, laptop and other electronic devices higher than their real market value.

According to Reuters, the $380m price agreed by LG is the largest of all settlements in the case. AU Optronics settled for $170m and Toshiba $21m. The deals have to be approved by US district judge Susan Illston in San Francisco.

At the time of publishing LG had not responded to V3's request for comment on the deal.

In a previous case in 2011, seven other LCD makers were forced to pay more than $500m for partial refunds to retail consumers in a bid to settle the price-fixing allegations.

If the reports are accurate, the settlement would represent a minor victory for Toshiba. The US courts had ruled it should be fined $87m for its involvement in the price-fixing ring.

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Alastair Stevenson

Alastair has worked as a reporter covering security and mobile issues at V3 since March 2012. Before entering the field of journalism Alastair had worked in numerous industries as both a freelance copy writer and artist.

View Alastair's Google+ profile

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