If your organization purchased notebook computers, flat screen monitors, or LCD televisions between 1999 and 2006, you may be elgible to recover funds.
The In re: TFT-LCD (Flat Panel) Antitrust Litigation, currently pending in the Northern District of California, has already resulted in $1 billion in settlements for direct and indirect purchasers of LCD panels and products. With an April trial 2012 date against three remaining defendants, the settlement pool could grow even larger.
Background
LCD televisions, computers, and laptops entered the United States market in the mid-1990s. Initially, prices were prohibitively high – largely due to manufacturing costs. Consumer electronics’ prices, however, are always characterized by a steady downward trend after market introduction. Defying this fundamental economic logic, LCDs maintained unnatural price stability and prices increased for more than a decade after their introduction.
The lawsuit alleges that LCD prices remained high because defendants conspired to raise and fix prices of LCD panels and products containing those panels, resulting in considerable overcharges to buyers of panels and products. Defendants established a global cartel to fix prices and restricted the supply of products. Although Defendants deny the allegations, most have pled guilty to criminal price fixing charges, with several executives serving jail time.
All buyers were overcharged: LCD product manufacturers, distributors, resellers, and end-users (both corporate and individual). The court split the victims into two distinct classes: (1) Direct Purchasers – those who bought TFT-LCD panels directly from any of the named defendants (manufacturers, resellers) and (2) Indirect Purchasers – business and consumer end-user purchasers of computer notebooks, flat panel monitors, and LCD televisions.
Settlements
After five years of extensive and contentious litigation, the LCD class action appears headed to a rapid conclusion. On December 23, 2011, Class Counsel for the Indirect Purchasers announced settlements with all but three defendants for a total of $538,555,647. The court granted preliminary and expedited approval to the settlements on January 26, 2012. The three defendants that did not settle –Toshiba, AU Optronics, and LG – are scheduled for trial on April 23, 2012.
This case is progressing rapidly toward a final resolution and claim filing process. Spectrum is closely monitoring case developments. For the latest information related to the LCD case, email us or call Spectrum at 415-392-5900.
