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Toshiba and LG settle LCD price-fixing scandal for half a billion dollars

Updated 4 years ago

Toshiba, LG and AU Optronics have agreed to pay a combined sum of $571 million to settle a lawsuit over a liquid crystal display price-fixing scandal, Reuters reported. According to San Francisco attorney Joseph Alioto, who was the co-lead counsel for consumers suing the companies, $543.5 million will be awarded to at least 20 million consumers in 24 states, while $27.5 million will be paid as civil penalties to eight state governments. Seven other LCD manufacturers had reached an earlier settlement of $538.5 million. The class action suit alleged that from 1996 through 2006, numerous companies conspired to fix LCD prices, which resulted in higher prices on various electronics such as laptops and television sets. Several companies also pleaded guilty to separate criminal charges and paid undisclosed fines.