LG will pay 311.8 million euros for price fixing screens

 

LG has agreed to pay a fine of $ 380 million (311.8 million euros) to end a process in the United States which accuses the company have agreed the price of LCD screens with other companies. LG has pleaded not guilty, but has preferred to pay the penalty before entering into a more expensive process.
The South Korean company was one of the firms reported by the U.S. authorities have agreed on the prices of LCD screens. The agreement between the companies would attack on the free market rules, with that consumers had to pay more for the acquisition of such screens.
In particular, the authorities have determined that the agreements between the companies were established between 1996 and 2006. Among those involved were companies such as Samsung, have already paid a fine for this 240 million dollars, Toshiba, who paid $ 21 million, and AU Optronics, which the BBC paid out 170 million.
In your case, LG has received a fine of $ 380 million. The South Korean company has agreed to make payment no longer claim the sanction. However, from LG stressed that they are innocent of the charges and the payment of compensation is an attempt to avoid prolonging a dispute that could lead to large costs. Given that the other company had to give way, LG have tried to solve the case rather than expand it.
The heavy penalties are intended to pay any customer complaints that could be affected by a price altered by agreement of the manufacturers. In addition, the participating states in the case of the fines received from LG, Samsung and other companies.
Related links:
- BBC (http://www.bbc.co.uk/news/business-18825306)