Seiko Epson has announced that it has settled the lawsuits that were filed against it in the US and UK by Nokia.
The Finnish mobile phone maker had filed lawsuits against Epson and its subsidiaries in the UK and the US, claiming that the company had violated antitrust and competition laws by conspiring to fix the prices of liquid crystal displays (LCDs).
Epson denied having any part in the fixing the prices of LCD and even defended itself against the claims but, the lawsuit was hurting its business operations and was proving too expensive to continue.
Under the terms of the settlement, Epson has decided to pay a sweet $80 million to Nokia, which in turn has agreed to drop all lawsuits against the Japanese company, which makes scanners and printers.
"Epson will, because of this settlement, post an extraordinary loss in its business results for the third quarter of the fiscal year ending March 2012," Epson informed note The Next Web.
"However, after evaluating factors such as recent business trends and prospects for extraordinary profits and losses going forward, Epson has decided to stand by its full-year forecast announced on November 14," it added.