According to the news sources in the tech world the Korean tech giant Samsung and six other manufacturers of liquid-crystal displays have finally decided to compensate nearly $553 million to the consumers and state regulators. The compensation is for their action of fixing the prices of LCD panels that are used in television sets, computer monitors and laptops and palmtops etc.
The referred firms are Samsung Electronics, Epson, Hitachi, HannStar, Sharp, Chunghwa Picture Tubes and Chimei Innolux. Accusations have been raised against the seven manufacturers in eight different countries of United States. According to the accusations the seven firms were working together to enhance the price of LCD displays from the year 2001-2006. Although the seven firms have decided to pay the compensation they have denied any unlawful practice at the same time.
Among the seven firms the largest portion of the compensation money will be paid by Samsung Electronics. The amount of money to be paid by Samsung is $240 million. The second big portion of the compensation is to be paid by Sharp and that is $115.5 million. Chimei Innolux will pay $110.3 million. Hitachi will pay $39 million while HannStar, Chunghwa and Epson will pay $25.7 million, $5.3 million and $2.9 million respectively.
From the compensation money nearly $500 million money will actually be used to compensate consumers who have bought display containing devices in the states of California, Michigan, New York, Wisconsin, Arkansas, Florida, Missouri and West Virginia. And the rest $53 million will be used to compensate the Legal damages and settlement claims.
According to the court documents the aforementioned seven firms have also decided to set up antitrust compliances and will also help in impeaching other defendants. The payout is still waiting for the grant of the court.