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|5th July 2012, 07:25||#1|
Join Date: May 2010
Toshiba hit by price fixing cash
Japan's Toshiba is liable for $87 million in damages after a US Jury decided that it fixed prices in the liquid crystal display (LCD) market.
Tosh's customers brought a civil class action lawsuit against Toshiba and other LCD producers, alleging anticompetitive practices.
The other defendants settled the case, while Toshiba decided to take it to trial. Sadly for Tosh that seems to have backfired and now it must pay $70 million to consumers who bought finished products, and $17 million to manufacturers that used LCD panels.
Toshiba insists that it did not act illegally in the LCD market, and that it would pursue "all available legal avenues" to correct the verdict.
"While Toshiba appreciates the jury's time and effort, Toshiba believes that the jury's verdict is in error as to the finding of wrongdoing," the company told Reuters.
AU Optronics was convicted in March on criminal charges related to the LCD price-fixing scheme. In that case prosecutors accused AUO executives of meeting more than 60 times with competitors at luxury hotels to fix prices of LCD panels.
The court claims that the conspiracy had cost the US economy billions of dollars.
Several other LCD manufacturers settled criminal charges. Toshiba was never summoned to answer for it.
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