Toshiba fined $87M for LCD price fixing; won't pay a penny
Toshiba said it won't have to pay its fine because of settlements paid already by other vendors
IDG News Service - A jury in San Francisco on Tuesday decided to fine Toshiba $87 million for colluding with other vendors to keep LCD prices artificially high, but the Tokyo-based company doesn't expect to have to pay anything.
U.S. antitrust law calls for the fine to be tripled, but even then Toshiba doesn't anticipate it will have to pay any money. Other defendants in the class-action suit have effectively covered its fine because they have already paid more in settlements than the damages finding against Toshiba, said a spokeswoman for the company.
"Given credits for settlements by other defendants, Toshiba expects that it will not have to pay any damages as a result of this verdict, even after trebling under U.S. antitrust laws," Toshiba said in a brief statement.
Despite the court's finding, Toshiba maintained it was innocent of all charges.
"Toshiba has consistently maintained that there was no illegal activity on its part in the LCD business in the United States, and Toshiba continues to hold that view," the statement said. "While Toshiba appreciates the jury's time and effort, Toshiba believes that the jury's verdict is in error as to the finding of wrongdoing on Toshiba's part. Toshiba plans to pursue all available legal avenues to correct that finding."
Other vendors have already agreed to pay hundreds of millions of dollars to settle related class-action suits filed by consumers, government entities and other public entities, including Chimei Innolux, Chunghwa Picture Tubes, Epson Imaging Devices, HannStar Display, Hitachi Displays, Samsung Electronics and Sharp.
The civil cases follow a 2007 U.S. Department of Justice criminal probe into price fixing in the LCD industry. Japan's Sharp, South Korea's LG Display and Taiwan's Chunghwa Picture Tubes all pled guilty in the criminal case and agreed to pay hundreds of millions of dollars in fines.
Taiwan's AU Optronics decided to fight the charges and a court ruled earlier this year that it and two senior executives were guilty. They now face a fine of up to $1 billion.
Toshiba was never indicted in the criminal case.
Martyn Williams covers mobile telecoms, Silicon Valley and general technology breaking news for The IDG News Service. Follow Martyn on Twitter at @martyn_williams. Martyn's e-mail address is email@example.com
- 15 Non-Certified IT Skills Growing in Demand
- How 19 Tech Titans Target Healthcare
- Twitter Suffering From Growing Pains (and Facebook Comparisons)
- Agile Comes to Data Integration
- Slideshow: 7 security mistakes people make with their mobile device
- iOS vs. Android: Which is more secure?
- 11 sure signs you've been hacked
- HP HAVEn: See the big picture in Big Data HP HAVEn is the industry's first comprehensive, scalable, open, and secure platform for Big Data. Enterprises are drowning in a sea of data...
- What Datapipe customers need to know about the new PCI DSS 3.0 compliance standard This handy quick reference outlines what PCI DSS 3.0 is, who needs to be compliant and how Alert Logic solutions address the new...
- The 12 PCI DSS 3.0 requirements addressed by Peer 1 Hosting This handy quick reference outlines the 12 PCI DSS 3.0 requirements, who needs to be compliant and how Alert Logic solutions address the...
- Defense Throughout the Vulnerability Life Cycle This whitepaper provides insight into how to leverage threat and log management technologies to protect your IT assets throughout their vulnerability life cycle.
- Meg Whitman presents Unlocking IT with Big Data During this Web Event you will hear Meg Whitman, President and CEO, HP discuss HAVEn - the #1 Big Data platform, as well...
- The New Way to Work Knowledge Vault This Knowledge Vault focuses on how, in today's increasingly virtual world, it's more important than ever to engage deeply with employees, suppliers, partners,... All Smartphones White Papers | Webcasts