$26million fine for lcd price fixing
1 min read
The US Justice Department has announced that a unit of Seiko Epson Corp has pleaded guilty to one count of conspiring to fix prices for lcd screens sold to Motorola.
Epson Imaging Devices, which was known as Sanyo Epson Imaging Devices at the time of the complaint, agreed to pay $26million fine for the conspiracy involving lcd panels that were used in Razr mobile phones from late 2005 through to mid 2006.
The Justice Department added that the company was charged with agreeing with unnamed co-conspirators in Japan to charge certain prices for the 'Thin film transistor lcd panels' and issuing price quotations in line with those agreements.
In addition to the guilty plea, which is subject to court approval, Epson also agreed to continue with the ongoing antitrust investigation.
In a statement, Epson Imaging Devices said: "Epson Imaging will record the amount as an extraordinary loss in the second quarter of fiscal year 2009 (ending March 2010). In consideration of the inconvenience caused to its customers, Epson Imaging's directors will voluntarily adjust their remuneration. Epson Imaging acknowledges the seriousness of this situation and will strengthen controls to improve compliance."
