LG, Sharp and Chunghwa Fined $US585 Million For LCD Price Fixing

After nearly three years of investigation, LG, Sharp and Chunghwa Picture Tubes Ltd have admitted to participating in a cartel between 2001 and 2006 that fixed prices of LCD screens affecting “millions of American consumers who use computers, cell phones and numerous other household electronics every day.” The Justice Department has ordered the companies pony up $US580 million in fines—$US400 million from LG, $US120 million from Sharp and $US65 million from Chunghwa.

According to the Justice Department, these price fixing schemes specifically targeted TFT-LCD panels sold to Dell for their computers, Motorola for the Razr and Apple for the iPod. So, by screwing them they screwed us all. I just hope that a portion of that cash is headed my way for the five or six iPods I have purchased over the years. [Broadcasting and Cable]