14 DAY TRIAL // We've covered several price fixing scandals over the years, more than one of which had to do with the LCD market, and Toshiba seems to be right in the middle of the latest one.
Of course, the company continues to hold that it did not, in fact, participate in any conspiracy meant to increase LCD prices.
That sets it apart from LG Display, Sharp and some others, who pleaded guilty and had to pay up $585 million in total (464 million Euro).
Unfortunately, a California jury made of ten people does not believe it, having ruled, after two days of deliberations, that Toshiba is guilty of conspiring with a number of other Japanese, Korean and Taiwanese LCD manufacturers.
According to their findings, the group of companies made sure LCD components sold for more than they should have between 1999 and 2006.
Toshiba “plans to pursue all available legal avenues to correct [today's] finding” but may not manage to overturn the decision.
The fine currently stands at $87 million (69 million Euro), of which $17 are damages to manufacturers (13.5 million Euro) and $70 are damages to consumers (55.58 million Euro).
Depending on how things proceed, the sum may go up, to three times as much, according to US laws: $261 million / 207.25 million Euro.
There is another possibility though, one that Toshiba claims to have available. If the worst happens, it might not have to actually pay anything because settlements from other corporations involved in the scheme have already covered the damages.
“Given credits for settlements by other defendants, Toshiba expects that it will not have to pay any damages as a result of this verdict, even after trebling under U.S. antitrust laws,” the company stated.
“Toshiba has consistently maintained that there was no illegal activity on its part in the LCD business in the United States, and Toshiba continues to hold that view. While Toshiba appreciates the jury's time and effort, Toshiba believes that the jury's verdict is in error as to the finding of wrongdoing on Toshiba's part.”