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© LG Electronics Production | December 07, 2011

Electronic firms pay $338 million settlement

Eight electronics companies, including Samsung, LG and Sharp, will pay a combined total of $388 US million to settle a civil lawsuit regarding price fixing in the LCD market.
Sharp will pay the most in the settlement, $105 million. The other companies are Samsung ($82.6 million), LG Display ($75 million), Chimei ($78 million) and Hitatchi ($28 million), Sanyo ($3.5 million), Mitsui ($950,000) and HannStar ($14.9 million).

The settlement regards a class action claiming companies conspired between 1996 and 2006 to fix LCD prices.

According to Lieff Cabraser,the Court-appointed Co-Lead Class Counsel in the lawsuit, the combined amount makes up approximately 14% of the settling defendants’ total volume of commerce during the class period, a relatively high percentage compared to settlements in many other antitrust cases.

As part of the settlement, each company must help plaintiffs in prosecuting non-settling defendants.

The action went through the U.S. District Court for the Northern District of California (San Francisco) and the settlement deal was reached on October 4. A final approval hearing is scheduled for Dec. 19.

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September 21 2018 11:51 am V11.0.0-1