Key Apple LCD suppliers LG and Samsung have agreed to pay out over a billion dollars to settle a price fixing class-action lawsuit.
A total of $1.12 billion in damages will be collected from LCD makers, following the latest round of settlements announced this week, according to The Wall Street Journal. The largest settlement payout will come from LG Display Co., which has agreed to pay $380 million in damages.
AU Optronics Corp. will settle for $170 million, while Toshiba Corporation has agreed to pay $21 million. That is in addition to settlement agreements made earlier this year by seven other companies such as Samsung, which agreed to pay $240 million.
Prosecutors in the case asserted that Apple was among a number of device makers who were victimized by the price fixing scheme between LCD makers. Customers affected by the alleged scheme could receive “substantial amounts” of money, said San Francisco attorney Joseph Alioto.
The companies who have agreed to settle have denied any wrongdoing, (of course), but say they agreed to settle merely to end the ongoing dispute.