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.