Toshiba to settle suit for $30 million

Kyodo

Toshiba Corp. said Tuesday it will pay $30 million to settle a lawsuit in the United States over alleged price-fixing involving liquid crystal display panels and products containing LCD panels.

The settlement follows a verdict in July by a jury of the U.S. District Court in San Francisco that the electronics company caused damages of $87 million to LCD purchasers, who accused Toshiba of colluding with other LCD manufacturers to keep prices artificially high.

Toshiba considered appealing the verdict, but it decided to settle the suit “to avoid inconvenience associated with further prolonged litigation,” it said.

“Toshiba admits no wrongdoing as part of this settlement, and it continues to maintain that it did not engage in illegal activity,” the company said in a statement.

With the payment, plaintiffs will turn down all claims for damages, fees, costs and other relief, Toshiba said.

The company has no plans to revise its earnings projections for the current business year ending in March because of the settlement, it said.