3 Companies Fined Nearly $600M

Comment #2

pumpi76 — Thu, 13 Nov 2008 09:22:29 GMT

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...

Comment #1

ICNUMBERS — Thu, 13 Nov 2008 03:56:09 GMT

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.

Original Blog Entry: 3 Companies Fined Nearly $600M

NBey6 — Wed, 12 Nov 2008 21:07:59 GMT

November 12th, 2008

3 companies fined nearly $600 million in price-fixing conspiracies

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.

... [ More ]