Feeds

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

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

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. ®

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
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
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
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

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
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.
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 for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
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.