Toshiba Corp, LG and AU Optronics have agreed to pay a combined sum of $571 million in order to settle a lawsuit over price-fixing scandal in the liquid crystal display, said Joseph Alioto, a San Francisco attorney to Reuters.
According to Alioto, who was the co-lead counsel for a class of consumers suing the companies, $543.5 million will be distributed among 20 million consumers in 24 states, where each individual, who has filed a claim, will be awarded with at least $25 million. Remaining $27.5 million will be paid as civil penalties to eight state governments.
In the beginning of the month, Toshiba was found guilty of fixing prices of Thin Film Transistor liquid crystal displays (TFT-LCD). A Northern California jury fined the Japanese company a massive $87 million.
The class action alleged that several companies conspired to keep LCD prices artificially high between 1999 and 2006. While in December seven leading LCD manufacturers, including Samsung and Sharp paid $553 million to settle lawsuits, three such makers, including Toshiba, fought against the allegation in a San Francisco federal court.
(Source: Reuters)
