Feeds

Toshiba, LG pop $571m to end LCD price fixing suit – want some?

'We did nothing wrong, but take the money anyway'

Boost IT visibility and business value

Toshiba, LG Display, and AUO Optronics are the latest companies to settle in the ongoing LCD price-fixing drama, and their combined $571m payout will put cash in the pockets of American flat-panel buyers.

The total settlement in the class action suit includes $27.5m to be paid in civil penalties to eight states, plus an additional $543.5m to be paid out to consumers in 24 states and the District of Columbia, Reuters reports.

The suit, which has dragged on since 2006, alleges that manufacturers of TFT LCD flat panels conspired to fix prices for almost a decade, resulting in higher retail prices for TVs, laptops, and other kit.

In December, seven other screen makers reached a separate settlement worth $553m. At the time, Toshiba, LG, and AUO were the only holdouts.

All ten of the companies involved have denied any wrongdoing, saying they only agreed to cough up the cash to put an end to the matter.

If that's true, they paid a pretty penny to put the case behind them. According to Joseph Alioto, the San Francisco attorney who was co-lead counsel in the suit, the $1.1bn in total settlements sets a record for a class action lawsuit over price fixing.

The court still needs to approve the settlement – but that seems likely, seeing how it granted preliminary approval to the earlier settlement in January.

Assuming it is approved, Alioto says, anyone who files a claim in the case will receive at least $25, and as many as 20 million Americans may be eligible to claim.

Getting the cash may take a while, however – the December settlement hasn't yet paid out. But interested parties who would like to know when claim forms will be available can sign up on the suit's official website. ®

The Essential Guide to IT Transformation

More from The Register

next story
Just TWO climate committee MPs contradict IPCC: The two with SCIENCE degrees
'Greenhouse effect is real, but as for the rest of it ...'
'Blow it up': Plods pop round for chat with Commonwealth Games tweeter
You'd better not be talking about the council's housing plans
Arrr: Freetard-bothering Digital Economy Act tied up, thrown in the hold
Ministry of Fun confirms: Yes, we're busy doing nothing
Help yourself to anyone's photos FOR FREE, suggests UK.gov
Copyright law reforms will keep m'learned friends busy
Apple smacked with privacy sueball over Location Services
Class action launched on behalf of 100 million iPhone owners
Adam Afriyie MP: Smart meters are NOT so smart
Mega-costly gas 'n' 'leccy totting-up tech not worth it - Tory MP
UK government officially adopts Open Document Format
Microsoft insurgency fails, earns snarky remark from UK digital services head
prev story

Whitepapers

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.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.