Companies pay big to settle lawsuits over faulty electronics

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Three more companies have agreed to settle a lawsuit filed by Wisconsin and other states accusing the makers of flat-screen TVs of conspiring to inflate prices.

New York’s attorney general said today that three Asian firms and their U.S. affiliates have agreed to pay $571 million to settle price-fixing allegations made by the Badger State and seven others for LCD screens used in TV’s and computers.

All told, consumers in two dozen states will be entitled to partial refunds once the settlement gets a court’s final approval. The LG Display Company, Toshiba, and AU Optronics are the final companies to reach settlements – and the lawsuit will be considered closed once the deals are finalized.

Earlier, seven companies from the Far East agreed to settle the states’ allegations that they inflated prices for thin-film transistor LCD screens from 1999-to-2006. Neighboring Michigan joined Wisconsin as a plaintiff, along with New York, Florida, West Virginia, Arkansas, Missouri, and California.

Consumers in neighboring Minnesota and Iowa are also among those covered in this week’s agreement.

Tags: business, wisconsin, courts, technology