LcdPriceFixing
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Former senior manager at AU Optronics found guilty of involvement in LCD price fixing
The name of Taiwanese display manufacturer AU Optronics is rarely out of the courts when LCD price fixing is involved, and now another of the company's heavyweights has been convicted for the part he played in such crimes. The US Department of Justice announced that Shiu Lung Leung, formerly a senior manager at AUO, has been found guilty for his role in a "conspiracy" which artificially raised the prices of LCD-packing gear in the US. From 2002 through to 2006, Leung is said to have been privy to secret monthly meetings with his company's competitors, where they discussed price fixing (and presumably, sinister cat stroking) in "hotel conference rooms, karaoke bars and tea rooms." Leung joins a couple of other AUO execs and many from different companies who've received similar judgments, and when sentenced, could face up to a dime in the slammer and a hefty fine -- although we doubt any of that cash will be put towards a long-overdue rebate.
Toshiba hit for $87 million in LCD price fixing verdict, maintains innocence
Toshiba decided not to settle when faced with allegations of price fixing, and now the company may have to pay the price. A jury handed down a verdict in the District Court for the Northern District of California today, hitting the company with $87 million in damages as part of a class action suit. The civil suit, separate from the criminal charges some of its alleged co-conspirators faced, wrapped today with the decision to award consumers $70 million and gave $17 million to manufacturers who purchased the company's panels. Toshiba may not actually have to pay up, however, thanks to settlements struck by others caught up in the same scandal, which could cover the damages. Regardless, the company maintains its innocence and actually plans to pursue "all available legal avenues" to reverse the decision. For more of Toshiba's response, check out the PR after the break.
LCD price fixing investigation reaches $860 million in total fines, Chi Mei latest to 'fess up
It's not every day we get to cite an official US Department of Justice news release, so it's with a certain glee that we can announce the US taxpayer was last week enriched by another $220 million courtesy of the not-so-fine folks who swindled him out of that money in the first place. Joining the ignominious ranks of LG, Sharp, Hitachi and Chungwa Picture Tube, Taiwanese manufacturer Chi Mei is refunding the US state for the pecuniary impact of its collusive practices, which were primarily related to keeping prices artificially high and profits proportionately inflated. US companies directly affected by these ignoble activities include HP, Dell and Apple, but don't you worry, AT&T has already started the inter-corporation scuffle, with Nokia piling on for good measure. Man, it almost seems like crime doesn't pay.
Hitachi also admits to LCD price fixing, will pay $31m fine
Funding that stimulus package just got ever-so-slightly easier -- Hitachi is the latest company to fess up to LCD price fixing, and as part of its deal with the US Department of Justice, it's paying a $31m fine. The company has specifically admitted to fixing the prices on panels sold to Dell from 2001 to 2004, and while no Hitachi execs are due to join their comrades from LG and Chungwha Picture Tubes just yet, we'd encourage them to book their vacations now, since the DOJ seems like it's staying on the warpath.
Three more executives indicted in LCD price fixing scheme
Protip, if you were involved in LCD price fixing between 2001 - 2006, just turn yourself in because the U.S. Department of Justice is still coming. To the surprise of anyone who thought the last couple months of guilty pleas and fines were the end, a DOJ statement today spells out indictments returned by a federal grand jury in San Francisco against two former Chungwha Picture Tube execs and one from LG Display. All the legal details in the case against Cheng Yuan Lin, Wen Jun Cheng and Duk Mo Koo are in the statement beyond the read link, but hey man, we're still waiting on our refunds.[Via Reuters]
LG, Sharp plead guilty to LCD price-fixing, take $585m fine
Allegations of LCD price-fixing have been swirling around for years now, and it looks like at least some of the companies involved have dirt on their hands -- LG, Sharp and Chunghwa Picture Tubes have all just pled guilty to price-fixing in a case filed by the US Department of Justice and will pay a combined $585m fine. LG's taking the biggest hit at $400m for conspiring to fix prices from September 2001 to June 2006, while Sharp's on the hook for $120m for jacking prices on panels sold to Dell, Motorola and Apple during the same time frame. Naughty, naughty. It also sounds like this plea agreement is more than just a sterile attempt to cut losses -- Sharp's exec staff is taking a 10 to 30 percent pay cut for three months as punishment to reassure its shareholders. Sounds like a plan -- how about refunding some of that cash to us chumps out here buying your overpriced products?
