Month: August 2010

Samsung, Toshiba, Sharp, LG and other major electronics companies have been accused by New York Attorney General Andrew Cuomo of fixing, or causing a change in price, on their LCD screens. It is reported that these companies had secret meetings to discuss the minimum prices, increases, and rates of LCD screens that were to be sold to computer manufactures. “Our investigation shows that an illegal cartel eliminated competition in the marketplace for LCD screens, made its own secret decisions to boost prices, and then took steps to make those high prices stick,” said Attorney General Cuomo. “As a result, hard-pressed New York cities, towns, schools and hospitals spent hundreds of millions of dollars on LCD screens affected by the illegal conspiracy. My office is bringing this case to get those illegal overcharges back.” said Cuomo regarding the lawsuit. Of the companies associated in the lawsuit Hitachi, LG, Toshiba, Sharp, AU Optronics and Chi Mei did not respond to a request for a comment. An official from Samsung said it was company policy not to comment on any pending legal issues. The lawsuit also claims that the companies created reports to make it seem as if the price raises were due to supply and demand. The case is being handled by assistant attorneys General John Ioannou and Geralyn J. Trujillo and Acting Chief of the Antitrust Bureau Richard L. Schwartz,...