Toshiba fined after price fixing verdict, restates there was no “illegal activity” on their part
Toshiba has been fined $87 million following a jury verdict in the United States District Court for the Northern District of California for what the company calls “…alleged antitrust practices in the LCD business.” The fine amount is split into $70 million intended for consumers and $17 million that will have to go to manufacturers.
The company has said in a statement that it “… expects that it will not have to pay any damages as a result of this verdict, even after trebling under U.S. antitrust laws”, thanks to settlements by other companies involved that might be enough cover the fine.
Toshiba is the only company that refused to settle when allegations of price-fixing reared their heads in 2009, maintaining that they were innocent of any illegal activity. In a press release Toshiba said:
“Toshiba has consistently maintained that there was no illegal activity on its part in the LCD business in the United States, and Toshiba continues to hold that view. While Toshiba appreciates the jury’s time and effort, Toshiba believes that the jury’s verdict is in error as to the finding of wrongdoing on Toshiba’s part. Toshiba plans to pursue all available legal avenues to correct that finding.”
Companies like Samsung, Sharp and Hitachi opted to settled late last year.