Friday, January 28, 2022

    LG Display pays to settle US LCD price-fixing

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    LG Display has agreed to pay $380m (£246m) to settle an LCD panel price-fixing case in the US.

    The company denied doing anything wrong, but said it had agreed to a settlement to avoid “the expense and burden of protracted litigation”.

    It was the largest amount paid by any of the 10 companies that have settled the case, including Toshiba, Samsung, Sharp and Hitachi.

    They were accused of fixing the prices of LCD panels between 1996 and 2006.

    The money will go to US consumers and state governments. The alleged price fixing would have increased the prices of devices using LCD displays such as televisions and laptop computers.

    Samsung paid $240m to settle the case in December, while Toshiba is to pay $21m and AU Optronics is to pay $170m.

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