LG, Sharp and Chunghwa fined for price fixing

Three big electronics companies in Asia have been fined after pleading guilty for price fixing. LG, Sharp and Chunghwa Picture Tubes have agreed to pay $585 million in fines after conspiring to drive up the prices that people pay for their products, such as LCD screens, TV’s and computers.

All three companies had agreed to cooperate when the Justice Department started an antitrust investigation. Deputy assistant attorney general, Scott D. Hammond, had said that the scheme not only cost consumers, but also retailers, including Dell, Apple and Motorola.

The LCD screen market is worth $70 billion, as it is big business; regulators in Asia as well as Europe have also started their own investigations into price fixing of LCD screens.

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