LCD TV companies confess to price fixing

Three of the largest LCD television manufacturers have admitted to being involved in a price fixing conspiracy.

LG, Sharp and Chunghwa have confessed guilt after a US Department of Justice investigation found evidence of price fixing of LCD panels from September 2001 to June 2006.

“Today’s charges and criminal fines emphasise the commitment of the Department of Justice to crack down on international cartels,” Attorney General Michael Mukasey says, according to itnews.com.au

The groups will be fined $US585 million between them – with LG paying the lion’s share of $US400 million.

“These price-fixing conspiracies affected millions of American consumers who use computers, cell phones and numerous other household electronics every day,” says Thomas Barnett, head of the Justice Department’s Antitrust Division.

“These convictions, and the significant fines they carry, should send a clear message that the Antitrust division will vigorously investigate and prosecute illegal cartels, regardless of where they are located.”