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Toshiba settles US class action for LCD price fixing for $30 million

Posted on Tuesday, September 11 2012 @ 19:09:24 CEST by


Toshiba logo
Toshiba announced it has a settled a US class action for LCD price fixing. The company admits no wrongdoing as part of this settlement, but will pay $30 million to shelve the case.
Toshiba Corporation announced today that it has settled claims of alleged antitrust violations in the LCD business brought by direct purchasers of LCD panels and certain products containing such panels. Toshiba will pay US$30 million, and the Plaintiffs will relinquish all claims for damages, fees, costs and other relief. The agreement is subject to approval by the U.S. District Court for the Northern District of California (San Francisco).

Toshiba Corporation announced today that it has settled claims of alleged antitrust violations in the LCD business brought by direct purchasers of LCD panels and certain products containing such panels. Toshiba will pay US$30 million, and the Plaintiffs will relinquish all claims for damages, fees, costs and other relief. The agreement is subject to approval by the U.S. District Court for the Northern District of California (San Francisco).

This settlement follows an $87 million July 3 jury verdict against Toshiba. While Toshiba expected to file a motion for judgment notwithstanding the verdict and an appeal if necessary to overturn the jury verdict, Toshiba settled to avoid the inconvenience associated with further prolonged litigation. Toshiba admits no wrongdoing as part of this settlement, and it continues to maintain that it did not engage in illegal activity.

At this time, Toshiba does not plan to revise projections for fiscal 2012 business performance due to this matter.




 



 

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