LG, Toshiba, AU Optronics Agrees To Pay $571 Million In total Over Display Panel Price-Fixing Case

Posted on Jul 12 2012 - 7:05am by Editorial Staff

As reported earlier, Toshiba, LG Electronics and AU Optronics have agreed to pay a combined $571 million to settle a lawsuit over price fixing issue in the liquid crystal display panel market, reports Reuters, although Toshiba have to pay a total of $87 million in total of $571 million amount. A San Francisco-based attorney, Joseph Alioto added that the amount includes $27.5 million in civil penalties for eight state governments.

Seven other LCD manufacturers had reached an earlier settlement for $538.5 million, which was approved on Wednesday by U.S. District Judge Susan Illston. The two settlements mean total recovery for consumers nears $1.1 billion, Alioto said. He added further, any consumer who files a claim will receive at least $25 and the class could include at least 20 million customers.

(Image Source: LG logo, Featured Image)

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