In a desperate attempt to leave behind the bitter memories of the LCD panel price-fix controversy, seven market leaders including Samsung Electronics and Sharp Corp. have agreed to pay $553 million in compensation.
Earlier, the companies were accused of conspiring to fix the prices of all LCD panels used in notebooks, computers, televisions etc. It was alleged that due to the price-fix, US companies were losing millions of dollars in revenue.
Investigations on the issue started five years back in December 2006 by a number of world governments including the US, Japan, Korea as well as the European Union.
"This price-fixing scheme manipulated the playing field for businesses that abide by the rules, and left consumers to pay artificially higher costs for televisions, computers and other electronics," the office of New York Attorney General Eric Schneiderman said in a statement on Tuesday, Reuters reports.
According to reports, Samsung will be paying a sum of $240 million in compensation, whereas the amounts to be paid by Sharp and Chimei Innolux Corp. stand at $115.5 million and $110.3 million respectively.
On the other hand, the amounts to be paid by Hitachi Display and HannStar Display Corp. are $39 million and $25.7 million.