With Trebling of Damages, Verdict Against Toshiba Set At $261 Million And
Follows Earlier Settlements of $430 Million in the Antitrust Class Action
Litigation
A federal court jury this morning found that Toshiba Corporation and its
subsidiaries conspired with the world's other leading manufacturers
of Thin Film Transistor-Liquid Crystal Displays ("TFT-LCDs")
to raise and fix the prices of TFT-LCD panels and certain products. The
jury awarded damages of $87 million. Federal antitrust law requires the
trebling of these damages, resulting in a $261 million award against Toshiba.
Richard M. Heimann, co-lead trial counsel for plaintiffs, stated, "We
are very pleased the jury found in favor of the plaintiffs and found that
Toshiba violated the law, particularly in light of the government's
decision not to criminally prosecute Toshiba for its misconduct. The case
demonstrates once again the critical role our civil justice system plays
in holding corporations, no matter how powerful or where they are based
in the world, accountable for violating U.S. antitrust laws."
"There was strong evidence that Toshiba participated in the price-fixing
conspiracy through communications with other TFT-LCD manufacturers, and
that it received future pricing information from its competitors, shared
its own future information, and was aware of its wrongdoing," stated
Bruce L. Simon, co-lead counsel for plaintiffs. "We are grateful for the jury's
service. The jury rejected Toshiba's claim that it had done nothing
wrong, and this is one of the few antitrust class actions ever tried to
a successful verdict."
About the LCDs Antitrust Litigation
TFT-LCDs are used in flat-panel televisions as well as computer monitors,
laptop computers, mobile phones, personal digital assistants, and other
devices. Plaintiffs charge that defendants conspired to raise and fix
the prices of TFT-LCD panels and certain products containing those panels
for over a decade.
Previously in the class action litigation, entitled In re TFT-LCD (Flat
Panel) Antitrust Litigation, MDL No. 1827 (N.D. Cal.), the Court certified
two nationwide classes of persons and entities that directly purchased
TFT-LCDs from January 1, 1999 through December 31, 2006, one class of
panel purchasers, and one class of class of buyers of laptop computers,
computer monitors, and televisions that contained TFT-LCDs.
The classes reached settlements with ten other defendant manufacturers
for a combined value of $430 million. Toshiba was the only defendant to
proceed to trial. Lieff Cabraser serves as court-appointed Co-Lead Counsel
for direct purchasers in the litigation.
Sources/Contacts
Richard Heimann
Lieff Cabraser Heimann & Bernstein, LLP
415-956-1000
Eric Fastiff
Lieff Cabraser Heimann & Bernstein, LLP
415-956-1000
Bruce Simon
Pearson, Simon & Warshaw, LLP
415-433-9000