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LG LCD price-fixing crackdown!

 
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kiwispanker



Joined: 10 Mar 2009

PostPosted: Mon Apr 27, 2009 9:52 pm    Post subject: LG LCD price-fixing crackdown! Reply with quote

It seems like the LCD price-fixing hole is getting deeper for poor Korean and Japanese monitor makers in America. Check out this article from CNN:
http://cnnwire.blogs.cnn.com/2009/04/27/korean-executive-pleads-guilty-in-lcd-price-fixing-probe/

Korean executive pleads guilty in LCD price-fixing probe
Posted: 05:37 PM ET

WASHINGTON (CNN) � A top executive of a Korean firm that makes LCD flat-screen monitors for televisions, computers and telephones has agreed to plead guilty and serve a year behind bars in the United States for his role in a global price-fixing conspiracy.

Justice Department lawyers filed court papers in San Francisco on Monday charging Bock Kwon, a Korean citizen who worked for LG Display Co., with conspiring with competitors to eliminate competition in the U.S. market.

Kwon is the ninth person charged in the Justice Department�s ongoing antitrust investigation, and the fifth to plead guilty. He has agreed to pay a $30,000 criminal fine and will serve one year in prison, court documents said.

The other executives or former executives who have pleaded guilty have agreed to pay fines ranging from $20,000 to $50,000 and were sentenced to jail terms ranging from six to nine months.

Four companies also have pleaded guilty and have been fined for participating in one or more conspiracies that cost U.S. consumers hundreds of millions of dollars.

LG was fined $400 million; Sharp Corp. was fined $120 million; Chunghwa Picture Tubes was fined $65 million; and Hitachi Displays was fined $31 million.

The price-fixing involved LCD panels sold to Dell, Apple and Motorola.
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