Seven makers of LCD panels have agreed to settle charges of price fixing of those products with the US government. Reuters reports that the companies will pay a total of $553 million to settle those claims. The companies have been accused in various lawsuits of trying to artificially inflate prices of LCD panels used in TVs, PC monitors and other products between 1999 and 2006 in order to keep competitors out.
The seven companies that will have to pay to settle those federal and state claims include Samsung, Sharp, Hitachi, Chimei Innolux, HannStar, Chunghwa Picture Tubes and Epson Imaging Devices Corp. Samsung is paying out the most to settle its claims at $240 million with Sharp paying out $115.5 million and Chimei settling for $110.3 million.
All of the companies listed are still contesting the price fixing allegations even though they have agreed to the settlements. The settlement still has to gain court approval to become official. Other companies that have been accused of LCD panel price fixing, including LG and Toshiba, have yet to settle any claims with the federal government or the states.