LG Display to pay $380 million to settle US lawsuit

Published Jul 13, 2012 06:45am

Customers look at the LG electronics' TV products.—AP Photo
Customers look at the LG electronics' TV products.—AP Photo

SEOUL: LG Display, one of the world's largest flat screen makers, said Friday it had agreed to pay $380 million to settle a US case over alleged price-fixing in the liquid crystal display market.

The company said in a regulatory filing that it would pay the amount to US consumers and state governments to settle the class-action case which was lodged in 2007.

LG Display, the world's second biggest LCD TV maker after Samsung Electronics, denied any wrongdoing but said it agreed to settle the case to avoid “the expense and burden of protracted litigation”.

It was one of several Asian companies, including Samsung and Japan's Toshiba, which were accused of conspiring to fix LCD panel prices between 1996 and 2006.

Samsung has settled the case by agreeing to pay $240 million.


Do you have information you wish to share with Dawn.com? You can email our News Desk to share news tips, reports and general feedback. You can also email the Blog Desk if you have an opinion or narrative to share, or reach out to the Special Projects Desk to send us your Photos, or Videos.

More From This Section

DGK Cement earns Rs6bn profit

The earnings represented improvement of 8 per cent over the PAT at Rs5.502bn and eps at Rs12.56 the previous year.

Comments (0) (Closed)