Toshiba, Sharp and 13 other makers of liquid-crystal displays have been sued by PC retailers Richard & Son and Pontiac which is furious about the outfits price fixing confessions.
Seven of the defendants have admitted to participating in the conspiracy and paid millions of dollars in criminal fines, however it looks like problems are just beginning for the outfits.
Best Buy has already sued the display makers and others are likely to join in. While the manufacturers might have paid their fines to various government regulators, it appears that the retailers are cross that they are still out of pocket.
The Richard and Son suit claims that starting from 1996, the companies “met in person or communicated by other means to agree on LCD product prices and the amount of LCD products each would produce.”
The good thing about the Richard and Son case is that they do not really have to prove anything, as most of the players in the price fixing cartel have already put their hands up to doing it.
So far there has been no comment about the lawsuit from anyone, although Bloomberg has been trying .