Sharp To Pay $198.5 Million To Settle TFT Lawsuit
Sharp has made an agreement to pay Dell and two other companies $198.5 million to settle a lawsuit regarding their TFT business in North America and Europe. It is not known what companies are involved and what the lawsuit was in regards to. Most likely the settlement is related to the accusations that Toshiba, Samsung, LG, Sharp, and Chungwa Picture Tubes colluded in fixing LCD prices.
Last week Toshiba was hit with $87 million in damages. This figure may rise up to $261 million under U.S. law. Toshiba vowed to fight the ruling.
Sharp said that after “comprehensively considering the American civil justice system,” they have agreed to settle.
Dell is the only named company in the settlement, but AT&T and Nokia both filed a price-fixing lawsuit against Sharp. This leads us to believe that these two companies will receive a chunk of the settlement offer. Sharp said that they plan to realize the loss in the fourth quarter of fiscal 2013, which ends in March 2014.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry