OLYMPIA, Wash. (Legal Newsline) - LG, a global electronics company, will pay $13 million in restitution to Washington state consumers for its part in an alleged price-fixing scheme involving LCD displays, state Attorney General Bob Ferguson announced on Tuesday.
LG Display Co. Ltd. and LG Display America, Inc. agreed to the settlement, which is part of a larger lawsuit with other LCD manufacturers, including Hitachi, Toshiba and Samsung.
The alleged price fixing happened between 1998 and 2006. The larger suit was filed in 2010 alleging that the defendants exchanged pricing information during cartel meetings, while agreeing to fix the prices along with manipulating the market supply so that prices could be artificially inflated.
“Illegal price fixing hurts consumers and the majority of businesses that play by the rules,” Ferguson said. “Our Antitrust Division works hard to protect Washington residents and hold accountable those businesses that seek to exploit unfair advantage.”
LG did not admit to the price-fixing allegations as part of the settlement.
In 2012, the Attorney General's Office reached a $5.2 million settlement with Hitachi Ltd., Hitachi Display Co. Ltd. and Hitachi Electronic Devices (USA), Inc. The remaining defendants are scheduled to go to trial in April.