07.07.12

Toshiba doesn't expect to pay $87m price-fixing fine

Toshiba says it anticipates not stumping up the recently imposed $87 million (€71 million) fine for price fixing after other defendants in the case paid settlements that exceed the sum.

A San-Francisco jury found the Japanese electronics giant guilty of conspiring with vendors to keep the cost of LCDs artificially high.

Toshiba was found liable to manufacturers for $17 million and to consumers for $70 million with the cost of overcharging tripled by US antitrust laws.

Seven LCD manufacturers agreed to settle the case in Decmber while Toshibe and two other LCD makers denied any wrongdoing. Toshiba says it will still work to clear its name despite not anticipating having to pay the multi-million dollar fine.