Damages in LCD Price-Fixing Case Top $1 Billion
LG Display, AU Optronics and Toshiba have resolved a civil lawsuit brought against them over price fixing in the liquid-crystal display market. Collectively, the trio will pay $571 million to settle a class-action lawsuit that alleged that they colluded in a global price-fixing scheme to artificially spike the price of displays used in televisions, laptops, and other electronics.
Assuming the settlement is approved, AU Optronics will pay $170 million in damages; Toshiba will pay $21 million. LG Display will fork over the largest sum among its fellow defendants: $380 million in damages.
Taken together with the $535 million settlement won from seven other display makers in a similar case last year, these new settlements raise the combined damages recovered in the case to more than $1 billion. That makes it the largest consumer class-action price-fixing settlement ever — again, assuming it is approved.
For their part, LG Display and Toshiba continue to deny the allegations brought against them, saying they agreed to settlements only to avoid further expenses and protracted litigation. AU Optronics didn’t immediately respond to a request for comment.