Class Counsel Announce Filing Of Consolidated Complaint Charging Leading Manufacturers Of Liquid Crystal Displays Operated A Global Cartel To Fix Prices For Over A Decade

Class counsel for businesses and individuals that purchased Thin Film Transistor Liquid Crystal Display (TFT-LCD) products directly from manufacturers announced that last week plaintiffs filed a consolidated class action complaint charging defendants with operating a global cartel to fix the prices of LCDs sold in the United States. “After initial introduction, components for consumer electronics products are typically characterized by downward pricing trends,” stated plaintiffs’ counsel Richard M.

Heimann of Lieff Cabraser Heimann & Bernstein, LLP. “This has not always been the case with TFT-LCDs. For the past decade, we have seen price manipulation including periods of substantial price increases. Amongst the reasons for this are that the top manufacturers agreed to fix and maintain prices and to restrict supply.”

“Despite the enormous size of the TFT-LCD industry, over $100 billion, a small group of corporations dominate it and control the price of TFT-LCDs,” explained plaintiffs’ counsel Bruce L. Simon of Pearson Simon Soter Warshaw & Penny, LLP. “Repeatedly these corporations have asserted that a shortage of manufacturing capacity has been the cause of TFT-LCD price increases. Any such shortages, plaintiffs allege, were the result of collusion among defendants to restrict output and artificially increase prices.”

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600450 Class Counsel Announce Filing Of Consolidated Complaint Charging Leading Manufacturers Of Liquid Crystal Displays Operated A Global Cartel To Fix Prices For Over A Decade glassonweb.com
Date: 13 November 2007
Source: Businesswire.com

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