Schneiderman Busts Technology Companies on LCD Price Fixing

129596123 Schneiderman Busts Technology Companies on LCD Price FixingEric Schneiderman announced a $553 million settlement today with a handful of major tech companies accused conspiring to artificially inflate prices for LCD screens.

The seven corporations–Chi Mei Innolux Corporation, Chunghwa Picture Tubes Ltd., Epson Imaging Devices Corporation, HannStar Display Corporation, Hitachi Displays, Ltd., and Samsung Electronics Co., Ltd.– agreed to pay $538 million to settle antitrust claims. According to Mr. Schneiderman’s office, New York State taxpayers are entitled to receive upwards of $11 million in the settlement.

“This price-fixing scheme manipulated the playing field for businesses that abide by the rules, and left consumers to pay artificially higher costs for televisions, computers and other electronics,” Mr. Schneiderman said. “Protecting the integrity of the marketplace is the only way to ensure the best outcome for New York’s consumers. That is why my office will aggressively police anti-competitive practices and hold accountable those who violate the law.”

According to the complaint, the manufacturers of the LCD panels engineered a conspiracy to fix prices and sold into the state millions of LCD panels at the fixed price.