Toshiba hit with $87 mln verdict over LCD prices
July 3 (Reuters) - A Northern California jury has decided that Toshiba Corp conspired to fix prices in the liquid crystal display market and is liable for $87 million in damages.
Customers brought a civil class action lawsuit against Toshiba and a other LCD producers, alleging anti-competitive practices. However, most other defendants settled the case, while Toshiba decided to take it to trial in San Francisco federal court.
Toshiba must pay $70 million to consumers who bought finished products, and $17 million to manufacturers who used LCD panels, according to a court document filed on Tuesday.
A Toshiba representative could not immediately be reached for comment.
The Taiwanese manufacturer AU Optronics was convicted in March on criminal charges related to the LCD price fixing scheme. U.S. prosecutors accused AUO executives of meeting more than 60 times with competitors at luxury hotels to fix prices of LCD panels, saying the conspiracy cost the U.S. economy billions of dollars.
Several other LCD manufacturers settled criminal charges. Toshiba was never indicted.
The civil case in U.S. District Court, Northern District of California is In Re: TFT-LCD (Flat Panel) Antitrust Litigation, MDL No. 1827.
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