LCD makers settle price fixing lawsuit for $1.12 billion
updated 11:00 am EDT, Fri July 13, 2012
Several Apple suppliers among implicated parties
Several LCD manufacturers are paying out a total of $1.12 billion to settle a class action lawsuit over price fixing, the Wall Street Journal reports. LG will lose the most in the arrangement, paying out $380 million. AU Optronics is on hook for $170 million, while Toshiba is due for $21 million. Several other companies settled earlier in the year, including Samsung, which gave up $240 million.
Several of the businesses are known suppliers to Apple, one of the alleged victims. At this stage, however, it's unknown how much money any of the plaintiffs might receive. The settling parties have also not acknowledged any wrongdoing, and say they are instead settling to end the case, which has been ongoing since 2008.
Apple is one of the larger buyers of LCDs in the high-tech industry, thanks primarily to iPhone and iPad sales. Samsung is in fact the main supplier of iPad displays, although LG could begin contributing in the near future if it isn't already. Despite animosity between Apple and Samsung, including lawsuits over Android devices, the two have little choice but to deal with each other given the size of the orders both corporations are after.
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