HP is set to receive $439 million in compensation after winning a price fixing lawsuit against seven top tech companies.
Six years ago, HP sued seven optical drive makers, saying they consciously teamed up to push the prices of these drives up, between 2004 and 2010. The companies in question are NEC, Panasonic, Samsung, Sony, TEAC, Toshiba and Quanta Storage.
Since then, the first six settled the lawsuit, with just Quanta remaining to defend its honour in court.
Last October, Quanta lost the lawsuit, after the jury saw phone call logs and emails as evidence of foul play. It was ordered to pay $176 million in compensation, but instead – Quanta appealed.
After the appeal, the compensation was increased threefold, to $528 million. Finally, $89 million will be deduced from that sum, previously paid by companies that settled out of court.
That leaves the total of $439 million to be paid.
“HP hopes this judgment sends a powerful message to suppliers all over the world that there are significant consequences when you violate US antitrust laws,” said HP's lawyer Alex B. Roberts in an email sent to Bloomberg.
According to the media, Quanta decided to go to court as HP demanded a larger settlement than other six companies. "Quanta Storage was not capable of manipulating product prices," the company said according to a report on Focus Taiwan. "HP's lawsuit has no merit at all."
As a result of the court ruling, Quanta’s shares fell 10 per cent on the Taiwanese stock exchange.