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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.'"

7 of 151 comments (clear)

  1. I just wonder by crazybit · · Score: 2, Interesting

    Which other products might have their prices controlled the same way right now?

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    - Human knowledge belongs to the world
    1. Re:I just wonder by mysidia · · Score: 3, Interesting

      Going out on a limb... DRAM chips, SSDs, Flash memory.

      I for one find it odd that old 1gb PC2700 modules are still over $30. And the price seems to be the same no matter which manufacturer you look at.

      Meanwhile 8gb compact flash cards, which are oh so more expensive to manufacture than SDRAM, are $30, that is unless you want "true" compact flash which faithfully implements the true IDE standard (I.E. to use them with an IDE-CF adapter, instead of in a digital camera)... those got rebadged as "Industrial CF" and cost like $200.

  2. They are always doing this. Better way is to by zymano · · Score: 2, Interesting

    The better way to handle this is to drop the stupid ineffective fines and threaten that their products wont be allowed to sell in the USA.

    Then they wouldn't even dare try to fix prices.

    5 year ban.

  3. Savings by jecowa · · Score: 2, Interesting

    So how much should LCDs really cost? I want some savings on my next purchase.

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    my opportunity to freely express myself with the potential persecution and hangings and such
  4. Re:Apple's Price Fixing by AHuxley · · Score: 2, Interesting

    Need a cartel to make this work. So the computer firms had to know or accept this. From a wink, nudge limited good quality supply, dont rock the boat to something more direct and personal.
    Are docs floating around the computer firms stating to just sign, we need the parts now, as the tech matures we can escape this BS, or was in more an inner clique that kept it going as they where the only ones who saw the docs?

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    Domestic spying is now "Benign Information Gathering"
  5. Other co-conspirators will pay more? by nsushkin · · Score: 3, Interesting

    It's interesting who Chi-Mei conspired WITH. Chi-Mei is not the best LCD manufacturer and they agreed to cooperate with DOJ. There must be other companies who Chi-Mei will bust and who will pay more. Certain Koreans, perhaps?

  6. Re:let me guess by Trepidity · · Score: 2, Interesting

    I've gotten cash before, though usually small amounts. Back in 2004 I got a check for $9 out of some sort of music-CD price-fixing settlement.

    This particular case appears not to be a class-action suit at all, though; it's a criminal investigation that imposed a fine. So there is no settlement to distribute, since it's not a civil suit with plaintiffs.

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    10 PRINT CHR$(205.5+RND(1)); : GOTO 10