Settlement reaches accord for 8 class-action suits

Sharp, Samsung, and six others making LCD panels used in computers and TVs have agreed to settle several class action suits alleging price fixing. The vendors will pay a total of $388 million to resolve eight separate cases before a Northern District of California District Court judge in San Francisco. As part of the deal, all the companies avoid having to admit any wrongdoing.

The judge gave approval to a preliminary settlement on October 4. In filings yesterday, Sharp, paid $105 million, Samsung paid $82.7 million, and Taiwan's Chimei Innolux paid $78 million.

The cases stem from a criminal investigation by the US Department of Justice into the LCD maker's pricing practices between 1999 and 2006. As a result of those probes, LG Display, Sharp, and Chungwa Picture Tubes all pleaded guilty and agreed to pay criminal fines $585 million. The initial civil class action suits were filed in 2007. A final approval hearing is scheduled for December 19 but isn't expected to pose problems. [via Bloomberg]