Toshiba, Sharp Dragged To Court For Unethical Business Practices

A new lawsuit filed with the US District court for the Eastern District of New York has dragged technology giants Toshiba, Sharp along with 13 others in the midst of a fresh round of controversy.

The lawsuit, filed by two retailing house ABC Appliance and P.C. Richard & Son, accused all the 15 companies of taking shelter in illegal and unethical ways to deprive consumers from their rights for their own profitability.

According to the lawsuit, all these companies’ officials met in person, as well as used other modes of communication to fix the prices of their products in such a manner that all of them can get the most out of the market, prohibiting in the process, consumers from being benefited from a healthy competitive market.

Seven participant companies in this unholy nexus have reportedly confessed to the charges brought against them. Also there are reports of some of these seven companies revealing the names of other price-fixers too in order to lower their fines.

Toshiba said that it is currently looking into the matter, while Sharp officials, refrained from making any comments on the issue, according to a Bloomberg report.