Feeds

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

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

Reducing the cost and complexity of web vulnerability management

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. ®

Security and trust: The backbone of doing business over the internet

More from The Register

next story
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
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
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
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
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
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.