Toshiba fined $87 million for LCD price fixing

Toshiba have announced that a jury in the United States District Court for the Northern District of California has issued a verdict in a case against the company.

Toshiba have been fined $87 million due to alleged antitrust practices in the LCD business. Toshiba have always claimed and still do that there was no illegal activity on its part in the LCD business in the United States. Toshiba believe that the jury's verdict is in ‘error' in regards to their penalty. They intend to pursue all legal routes to challenge the outcome.

Nasdaq added that Toshiba are not planning to revise their projections for fiscal 2012 business performance due to the fine.

Toshiba said in a statement “Toshiba has consistently maintained that there was no illegal activity on its part in the LCD business in the United States, and Toshiba continues to hold that view. While Toshiba appreciates the jury's time and effort, Toshiba believes that the jury's verdict is in error as to the finding of wrongdoing on Toshiba's part. Toshiba plans to pursue all available legal avenues to correct that finding.”

Kitguru says: This will be a tough one for Toshiba to fight now.

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