August 22, 2014

LG, Sharp, Chunghwa to Plead Guilty to Price-Fixing

LG Display Co. Ltd., Sharp Corp. and Chunghwa Picture Tubes Ltd., three leading Asian electronics manufacturers, have agreed to plead guilty to price-fixing and pay a total of 585 million dollars in fines, the US Department of Justice announced Wednesday.

South Korea’s LG Display will pay the largest fine, 400 million dollars, the second-highest criminal fine ever imposed by the Justice Department’s Antitrust Division, the department said in a statement.

From Yahoo Finance:

It said Japan’s Sharp would pay a fine of 120 million dollars while Chunghwa would pay a fine of 65 million dollars.

The Justice Department said the three companies had agreed to plead guilty for their roles in conspiracies to fix prices of liquid crystal display (LCD) panels used in computer monitors and notebooks, televisions, mobile phones and other electronic devices.

The price-fixing conspiracies had a direct impact on computer, television and cellular telephone manufacturers such as Apple, Dell and Motorola, the department noted.