Executives in LCD Price Fixing Case Get Jail Time

Posted in LG by Shane McGlaun on January 20th, 2009

LG LCD TVWhen the global economy is down many Americans have less cash to spend and that means that luxury goods like TVs and notebooks don’t sell well. Still, some Americans buy these goods despite the poor economy and often that requires some time saving up cash.

Nothing will anger a consumer more than finding out after they part with their hard-earned cash that they were ripped off. Such was the case in 2008 when executives at some of the biggest LCD panel firms in the world pled guilty to price fixing in the LCD market.

I expected that these execs would be fined and they were. LG’s former CEO and chairman was fined $50,000 alone. However, the Justice Department went a step further and is actually extraditing the executives from their native Taiwan and putting them into American Prisons. This is the first time that foreign nationals have been jailed in America for an antitrust offense.

DigitalTrends

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One Comment to “Executives in LCD Price Fixing Case Get Jail Time”
  1. KristopherWindsor Says:

    Yeah - I got a 20″ in summer ‘07 for $200, and just now the normal prices are coming below that.

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