Feeds

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

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

The essential guide to IT transformation

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
GCHQ protesters stick it to British spooks ... by drinking urine
Activists told NOT to snap pics of staff at the concrete doughnut
Britain's housing crisis: What are we going to do about it?
Rent control: Better than bombs at destroying housing
What do you mean, I have to POST a PHYSICAL CHEQUE to get my gun licence?
Stop bitching about firearms fees - we need computerisation
Top beak: UK privacy law may be reconsidered because of social media
Rise of Twitter etc creates 'enormous challenges'
Redmond resists order to hand over overseas email
Court wanted peek as related to US investigation
Ex US cybersecurity czar guilty in child sex abuse website case
Health and Human Services IT security chief headed online to share vile images
NZ Justice Minister scalped as hacker leaks emails
Grab your popcorn: Subterfuge and slur disrupts election run up
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
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.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.