Three electronics firms have agreed to plead guilty and pay $585 million in fines for conspiring to drive up prices for people buying computers, television sets, and other LCD screens. LG Display Co. Ltd., Sharp Corp., and Chunghwa Picture Tubes Ltd. agreed in a plea agreement to cooperate in an antitrust investigation by the Justice Department. The agreement was filed in federal court in San Francisco. LCDs, or liquid crystal display monitors, are the glass display screens on most laptop computers, cellphones and new television sets. According to Deputy Assistant Attorney General Scott D. Hammond, the scheme hurt not only consumers, but also retailers including Apple, Dell and Motorola. At press time, the government didn’t have a cost value for the losses, but the investigation is continuing. Hammond announced the plea deal at a Justice Department briefing, stating:
These price-fixing conspiracies affected millions of American consumers who use computers, cellphones and numerous other household electronics every day. By conspiring to drive up the price of LCD panels, consumers were forced to pay more for these products. And consumers were not the only ones affected by these conspiracies.
LCD screens are a $70 billion worldwide market. This is just another example of corporate corruption that badly hurts consumers. The sad truth is that we really don’t know how deep corporate corruption has been and who all is involved. But we do know that greed results in corruption and that the corruption must be dealt with and stopped.
Source: Associated Press
Contact us today for a free legal consultation with an experienced attorney.
Fields marked *may be required for submission.
If you would like to subscribe to the Jere Beasley Report digital edition, simply visit our Subscriptions page and provide the necessary information or call us at 800-898-2034.
Attorney Advertising - Prior results do not guarantee a similar outcome.