Feeds

Tosh handed $87 MILLION fine in LCD price fixing case

Japanese electronics firm vows to fight verdict

The Power of One Infographic

Japanese electronics giant Toshiba has come out fighting after becoming the latest big name to be found guilty of a widespread price-fixing racket relating to liquid crystal display (LCD) panels sold in the US.

The company has now been ordered by a northern California court to pay $87m in damages – $70m to consumers who bought its products, and $17m to affected manufacturers, according to Reuters.

However, Toshiba will be fighting the jury’s verdict and released a statement saying it will seek “all available legal avenues” to do so.

The case has been dragging on now for the best part of six years, as a host of big name electronics firms were accused of artificially inflating prices.

In December 2011, Samsung, Sharp and six others agreed to pay $388m to settle with OEMs and soon after seven more LCD makers including Samsung, Hitachi and Epson Imaging offered $553m to settle the charges.

In March, Taiwanese firm AU Optronics was found guilty of violating US anti-trust laws but, like Toshiba, said it would appeal.

The verdict against Toshiba is the result of a civil class action suit brought by customers because US prosecutors did not indict the Japanese firm, despite going after others in the cartel.

"There was strong evidence that Toshiba participated in the price-fixing conspiracy through communications with other TFT-LCD manufacturers, and that it received future pricing information from its competitors, shared its own future information, and was aware of its wrongdoing," said Bruce Simon, co-lead counsel for plaintiffs.

"We are grateful for the jury's service. The jury rejected Toshiba's claim that it had done nothing wrong, and this is one of the few antitrust class actions ever tried to a successful verdict." ®

The Essential Guide to IT Transformation

More from The Register

next story
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.