LCD price-fixing settlement is valued at $553 million

December 28, 2011 Updated Dec 28, 2011 at 7:19 AM EDT

By WKBW News
By Business First

December 28, 2011 Updated Dec 28, 2011 at 7:19 AM EDT

Seven large Asian manufacturers have reached a $553 million settlement in what New York State Attorney General Eric Schneiderman describes as a price-fixing case.

Schneiderman says the companies -- all manufacturers based in Japan, Korea and Taiwan -- have artificially inflated prices on liquid crystal display (LCD) screens.

New York will receive $11 million from the settlement. The corporations involved are Samsung Electronics, Epson Imaging Devices Corp., Sharp Corp., Hitachi Displays Ltd., Chi Mei Innolux Corp., Chunghwa Picture Tubes and HannStar Display Corp.

"This price-fixing scheme manipulated the playing field for businesses that abide by the rules, and left consumers to pay artificially higher costs for televisions, computers and other electronics," Schneiderman said in a prepared statement.

As much as $501 million is available for partial refunds to compensate customers living in 24 states and Washington, D.C. The refunds cover purchases of products containing thin-film transistor LCD panels from Jan. 1, 1999 to Dec. 31, 2006.

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