Three to pay $571M in LCD settlements

By John O'Brien | Jul 12, 2012


NEW YORK (Legal Newsline) - Three makers of liquid crystal display screens will pay $571 million in a settlement announced Thursday by New York Attorney General Eric Schneiderman.

Schneiderman alleged AU Optronics, LC Display and Toshiba illegally conspired to raise prices for LCD screens used in televisions, computer monitors and laptops.

Settlements reached over LCD pricing have resulted in $1.1 billion.

"This price-fixing scheme created an unlevel playing field for businesses that abide by the rules and left consumers paying artificially higher costs for televisions, computers and other electronics," Schneiderman said.

"Protecting the integrity of the marketplace is the only way to ensure the best outcome for New York's consumers."

The settlements include $27.5 million in fines and penalties to states involved in the litigation. The other $543.5 million will be paid to consumers, government entities and private class action lawyers.

The complaint alleged that from 199-2006, several companies engineered a conspiracy to fix the prices of LCD panels, which are essential components of screens.

New York is receiving $8 million from the settlements.

The LCD multidistrict litigation is held in San Francisco federal court. A December settlement reached by the eight states with other defendants was worth $538.5 million.

The states involved in the settlements are Florida, Wisconsin, California, West Virginia, Arkansas, Missouri, Michigan and New York.

From Legal Newsline: Reach John O'Brien by e-mail at jobrienwv@gmail.com.

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