LG Display to pay US$380 mln to settle LCD price-fixing case

LG Display Co., the world's No. 2 maker of liquid-crystal display (LCD) panels, said Friday it has agreed to pay US$380 million to settle a U.S. class-action lawsuit over alleged price-fixing in the LCD market.

LG Display agreed to pay the amount to U.S. consumers and eight state governments, including the states of California and New York, to settle the case that was lodged in 2007, the company said in a regulatory filing.

The South Korean display giant was one of several Asian companies, including Japan's Toshiba Corp. and Sharp Corp., that were accused of fixing LCD panel prices, which raised prices for consumers that purchased products packed with those panels between 1999 and 2006.

Samsung Electronics Co., which was also accused of taking part in the price-fixing scheme, settled the case by agreeing to pay $240 million late last year.

In the regulatory filing, LG denied the allegations but said it agreed to settle the case to resolve the expense and burden of a prolonged litigation.

LG, which is set to announce its second-quarter earnings on July 26, said it has set aside an allowance for the settlement. (Yonhap)