Hitachi To Pay $31 Million For LCD Price Fixing
Electronics company Hitachi will be paying $31 million in fines to settle a role in a conspiracy involving selling fixed prices of LCD display panels to Dell. Hitachi Displays committed the act along with LG, Chunghwa, and Sharp. Between the period of April 1, 2001 and March 31, 2004 – Hitachi met with companies in Japan, Korea, and the U.S. to discuss prices for LCDs. Hitachi also agreed to cooperate with further investigations by the U.S. Department of Justice.
This past December LG was found guilty for conspiracy and had to pay $400 million. This is the second largest fine every imposed by the Antitrust Division. Executives from LG and Chunghwa also had to serve time for between 6 and 9 months along with paying a fine. About $585 million in criminal fines have been made against all of the companies involved.
[via PCW]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry