US court agrees $563m settlement over CRT anti-trust allegations

TV-buying class members start the party in anticipation of $25 payouts

TVs by Holly at Flickr, CC 2.0 license
TVs by Holly at Flickr, CC 2.0 licence (https://www.flickr.com/photos/joyless_joyless/14598148/in/photolist/)

A $563m (£372m) settlement has been agreed over alleged price fixing by large TV and computer screen manufactures, including Philips, Pansaonic, Hitachi, Toshiba and Samsung SDI.

The lawsuit claims that the defendants fixed the prices of cathode ray tubes (CRTs) from March 1, 1995 to November 25, 2007, which resulted in overcharges to people and businesses that bought products containing CRTs, such as televisions and computer monitors

The Northern California Court has already approved two settlements totalling $35m from Taiwanese company Chunghwa in 2012 and LG in 2014.

The five new settlements total $528m (£346m) and are being presented to the court for final approval.

Samsung SDI agreed to pay the most at $225m (£147m), while Phillips paid $175m (£114m) and Panasonic $70m (£46m).

The combined settlement fund will be used to pay eligible claimants in the states involved in this litigation, said the US District Court for Northern California.

The settlement fund will be available to anyone in the US who purchased a CRT product between 1995 and 2007.

The federal court notice reads: "If You Bought a Cathode Ray Tube (CRT), or a TV or Computer Monitor That Contained a CRT, you Could Get Money from Settlement Totalling $563m."

It is currently unknown how much money each class member will recover. However, a minimum payment of $25 (£17) is expected, said the court.

The settlement follows a number of price-fixing cases relating to monitor and TV technology in other markets, including the US and the EU. ®

Sponsored: How to get more from MicroStrategy by optimising your data stack

SUBSCRIBE TO OUR WEEKLY TECH NEWSLETTER




Biting the hand that feeds IT © 1998–2019