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3 Companies Fined Nearly $600M

Published:

November 12th, 2008
Posted: 03:48 PM ET

From Terry Frieden
CNN Justice Producer

WASHINGTON (CNN) — Three major electronics manufacturers have agreed to plead guilty to a price-fixing conspiracy and pay $585 million in criminal fines for their roles in the pricing of LCD display panels, the Justice Department said Wednesday.

The department announced the plea agreement following a settlement with Sharp Corp. of Japan; LG Display Co. of South Korea and Chunghwa Picture Tubes of Taiwan. The plea deals were filed in U.S. District Court in San Francisco, California, and announced by Thomas Barnett, Assistant Attorney General for Antitrust at the Justice Department in Washington.

“These price-fixing conspiracies affected millions of American consumers who use computers, cell phones and numerous other household electronics every day,” said Barnett. He declined to estimate losses stemming from the price fixing, but said he expected to provide some measure of the damages when the corporations are sentenced.

Entry #508

Comments

1.
ICNUMBERSComment by ICNUMBERS - November 12, 2008, 10:56 pm
It's about time someone exposed these demons. I worked at Sears in electronics and appliances last yr and I was just thinking how it would take so long for some people to truly be able to afford some of tv's and washer and dryers at those prices and some cost more than cars and often thought to myself that it couldn't possibly be right they were just gauging like everyone else in business in America today. I can't wait to see just what else is going to unfold.
2.
Comment by pumpi76 - November 13, 2008, 4:22 am
sorry to say this and to take this side, but 600 million that could have gone to research to find a cure to who knows what disease? I hate to see 600 million be waisted like that...

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