Feeds

Tosh handed $87 MILLION fine in LCD price fixing case

Japanese electronics firm vows to fight verdict

New hybrid storage solutions

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." ®

Website security in corporate America

More from The Register

next story
Hey, Scots. Microsoft's Bing thinks you'll vote NO to independence
World's top Google-finding website calls it for the UK
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.