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Toshiba, Sharp sued for LCD Price Fixing

Toshiba, Sharp sued for LCD Price Fixing

Several of the world’s biggest LCD manufacturers have been taken to court, accused of price fixing. The suit was filed by P.C. Richard & Son and ABC Appliance as well as the Marta Cooperative of America, at the US District Court for the Eastern District of New York

The LCD Companies charges with price fixing involve Toshiba and Sharp, as well as many other well known firms. They purportedly met in person and dicussed the prices for their products, allowing them to milk customers for the highest possible ammount of money. Customer usually benefit from competition as companies price cut each other, however in this instance, the corporations benefits.
This has apparently been onboing since 1996, with seven of the thirteen companies so far admitting to being part of what is being called a cartel of businesses. The ones that have owned up have paid out several million in fines, but no word what will befall ones that don’t step forward. Toshiba and Sharp have said they’re looking into it internally, but that’s it so far.
Nagano, Seiko Epson, Hitachi and LG were previously sued by Best Buy for price fixing between 1996 and 2006, so it wouldn’t be surprising to find out they were involved in this scandal too.
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