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$860 Million In Fines Handed Out For LCD Price-Fixing

Posted by Soulskill on from the hope-it-was-worth-it dept.

eldavojohn writes "Six companies have pleaded guilty to worldwide price fixing of Thin-Film Transistor Liquid Crystal Displays from Sept. 14, 2001, to Dec. 1, 2006. For violating the Sherman Act, the companies have agreed to pay criminal fines of over $860 Million. In addition, nine executives have been charged in the scandal. The pricing scam affected some of the largest companies at the time, including Apple, HP and Dell. (If you bought a TFT-LCD from them in that time frame, you may be one of the victimized consumers.) From the DOJ release, 'According to the charge, Chi Mei carried out the conspiracy by agreeing during meetings, conversations and communications to charge prices of TFT-LCD panels at certain pre-determined levels and issuing price quotations in accordance with the agreements reached. As a part of the conspiracy, Chi Mei exchanged information on sales of TFT-LCD panels for the purpose of monitoring and enforcing adherence to the agreed-upon prices.'"

6 of 151 comments (clear)

  1. Re:ok what? by Anonymous Coward · · Score: 4, Funny

    You forgot the part where the wronged consumers get justice in the form of a $2 class action settlement check.

  2. Cut a deal by ksemlerK · · Score: 2, Funny

    and sell me a $50 24" wide screen monitor with a 5ms response time, and then we'll talk.

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  3. Victimized consumers may contact the DOJ... by Anonymous Coward · · Score: 1, Funny

    ...if they wish to receive a tiny American flag pin*

    *shipping and handling charges may apply.

  4. Note to conspiracy theorists... by onyxruby · · Score: 4, Funny

    This is what real conspiracies look like. Note the distinct lack of "CIA", "Masons", "NSA" or other such favorites.

    1. Re:Note to conspiracy theorists... by RobVB · · Score: 4, Funny

      The CIA is only successful if you don't know they're involved. This was a pretty successful conspiracy, and therefore you can be sure that the CIA was indeed involved!

      Clearly, you have a lot to learn about conspiracies.

      --
      I'd rather you rationally disagree than irrationally agree.
  5. Re:ok what? by Straterra · · Score: 5, Funny

    You mean one with conjugal visits?

    Conjugal visits? Mmmm. Not that I know of. Y'know, minimum-security prison is no picnic. I have a client in there right now. He says the trick is: kick someone's ass the first day, or become someone's bitch. Then everything will be all right. W-Why do you ask, anyway?