LG Display to pay $380 mn to settle US lawsuit

Jul 13, 2012 |

Seoul (South Korea)

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LG Display, one of the world's largest flat screen makers, said on Friday it had agreed to pay $380 million to settle a US case over alleged price-fixing in the liquid crystal display market.

The company said in a regulatory filing that it would pay the amount to US consumers and state governments to settle the class-action case which was lodged in 2007.

LG Display, the world's second biggest LCD TV maker after Samsung Electronics, denied any wrongdoing but said it agreed to settle the case to avoid 'the expense and burden of protracted litigation'.

It was one of several Asian companies, including Samsung and Japan's Toshiba, which were accused of conspiring to fix LCD panel prices between 1996 and 2006.

Samsung has settled the case by agreeing to pay $240 million.

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