LG to pay $380m to resolve lawsuit

A class action lawsuit alleged a detailed conspiracy from the late 1990s through 2006 to fix the liquid crystal display prices, resulting in higher costs for buyers of televisions, laptops and other electronics. Several companies also pleaded guilty to separate criminal charges and paid fines.An attorney for the plaintiffs on Wednesday disclosed a settlement involving LG, AU Optronics Corp (2409.TW) and Toshiba Corp. According to Thursdays court filing, AU Optronics will pay $170 million, while Toshiba will pay $21 million.U.S. District Judge Susan Illston in San Francisco will have to approve the deal.AUO representative Freda Lee said the settlement should not cause material impact to the companys finance or business in the current or future reporting periods.Toshiba spokeswoman Deborah Chalmers said the company denies any wrongdoing on its part in the LCD business, and it entered into the settlement to avoid further expense and the distraction of protracted litigation.