New York sues LG, Samsung, more for LCD price fixing
updated 05:50 pm EDT, Fri August 6, 2010
New York attorney general sues LG, Samsung, more
New York Attorney General Andrew Cuomo's office has sued Sharp, LG Display, Hitachi and Samsung for allegedly price fixing LCD screens in a number of consumer electronics devices, the Wall Street Journal reported on Friday. The lawsuit filed in a Manhattan state court alleges that an illegal cartel took out competition and made secret decisions to boost prices and took steps to make the prices remain high.
In the past, makers that include LG, Sharp and Chunghwa Picture Tubes paid over $585 million in fines for colluding on LCD price fixing after the US Department of Justice brought criminal charges against them.
The three companies named in the new lawsuit have not yet responded to these allegations.
LCD pricing is believed to have been a major problem in the mid-2000s, as executives at Chi Mei have already pleaded guilty to being involved in artificially inflating display costs.
