Hitachi pleads guilty to price-fixing in the TFT-LCD scandal

And the cards keep tumbling down. It’s not like we didn’t all see this one coming. After all, three other companies have already admitted they were less than legal when it came to fixing prices for LCD panels sold to U.S. companies Today marks Hitachi Displays Ltd. joining the ranks of those companies charged with conspiring to fix prices, making it four companies and seven individuals charged by the U.S. Department of Justice’s Anti-Trust Division.

A plea agreement just waiting for court approval maintains that Hitachi Displays did agree to cooperate with the Justice Department’s continuing antitrust investigation. Good move guys. According to Scott Hammond, Acting Assistant Attorney in charge of the Anti-Trust Division,

“Hitachi joins three other multinational companies who have admitted to their involvement in fixing prices for LCD panels sold to U.S. companies and that have already paid criminal fines totaling more than $585 million. This case should send a strong message to multinational companies operating in the United States that when it comes to enforcing the U.S. antitrust laws we mean business.”

Hitachi’s share of that $585 million is $31 million, not so big considering it is one of only four hit with the rap. They were nabbed for their role in the conspiracy to fix prices in sales of Thin Film Transistor-Liquid Crystal Display panels (TFT-LCD) that were sold to Dell.