Seven manufacturers of LCD panels are to pay $538m to settle charges of price-fixing. The sum is in addition to $388m paid earlier this month to settle similar charges.
The latest payment goes to indirect purchasers of panels i.e consumers buying TVs, computers etc. The earlier sum goes to direct purchasers of panels i.e manufacturers of TVs, computers etc.
The manufacturers are: Samsung, Sharp , Hitachi, Chimei Innolux, Chunghwa Picture Tubs, Epson Imaging Devices and HannStar.
The costs fall: Samsung $240m, Sharp $115.5m. Chimei Innolux $110m, Hitachi $40m, HannStar $25.6m, Chunghwa $5.3m Epson $2.85m.
Three companies – Toshiba, LG and AU Optronics - have not settled. Legal proceedings against them will start next April with the plaintiffs asking for $2bn in damages.
"This price-fixing scheme manipulated the playing field for businesses that abide by the rules, and left consumers to pay artificially higher costs for televisions, computers and other electronics," says New York’s attorney-general Eric Schneiderman, "protecting the integrity of the marketplace is the only way to ensure the best outcome for New York’s consumers. That is why my office will aggressively police anti-competitive practices and hold accountable those who violate the law."
Up to $37m of the money will be used to compensate government and other public entities for damages resulting from the purchase of TFT-LCD panels. Up to $501m will be available for partial refunds to compensate consumers residing in 24 states and the District of Columbia who purchased products containing TFT-LCD panels during the period beginning Jan. 1, 1999, and continuing through Dec. 31, 2006. Seven manufacturers of LCD panels are to pay $553m to settle charges of price-fixing initiated by anti-trust authorities in the US, EU, Japan and Korea. The sum is in addition to $388m paid earlier this month to settle similar charges.
The latest payment goes to indirect purchasers of panels i.e consumers buying TVs, computers etc. The earlier sum goes to direct purchasers of panels i.e manufacturers of TVs, computers etc.
The manufacturers are: Samsung, Sharp , Hitachi, Chimei Innolux, Chunghwa Picture Tubs, Epson Imaging Devices and HannStar.
The costs fall: Samsung $240m, Sharp $115.5m. Chimei Innolux $110m, Hitachi $40m, HannStar $25.6m, Chunghwa $5.3m Epson $2.85m.
Three companies – Toshiba, LG and AU Optronics - have not settled. Legal proceedings against them will start next April with the plaintiffs asking for $2bn in damages.
"This price-fixing left consumers to pay artificially higher costs for televisions, computers and other electronics," says New York’s attorney-general Eric Schneiderman, "protecting the integrity of the marketplace is the only way to ensure the best outcome for New York’s consumers. That is why my office will aggressively police anti-competitive practices and hold accountable those who violate the law."
Up to $37m of the money will be used to compensate government and other public entities. Up to $501m will be used to compensate consumers in 24 US states and the District of Columbia who purchased products containing LCD panels between 1/1/99 and 31/12/2006.