Apple LCD Suppliers Plead Guilty to Price-Fixing
by , 4:35 PM EST, November 12th, 2008
The U.S. Department of Justice announced on Wednesday that it had reached a guilty plea deal with three companies -- LG Display, Sharp, and Chunghwa Picture Tubes -- who had worked together to set prices on the LCDs used in everything from cell phones and iPods to laptop and desktop computers. According to a CNET report, the three firms will pay a total of US$585 million in fines for violating the Sherman Antitrust Act.
The Justice Department said that those affected by the price-fixing included not only millions of American consumers but also such companies as Apple, Dell, and Motorola. The branch of the U.S. government also alleged that the three companies held meetings and communicated regularly about setting predetermined prices and exchanging sales information. The activity took place between 2001 and 2006.
LG's share of the fine was $400 million, the second-highest antitrust payment ever enforced, while Sharp and Chunghwa agreed to $120 million and $65 million, respectively.
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