Three LCD makers confess to price fixing

New drama over the question of why LCD prices are what they are, as LG, Sharp, and Chunghwa Picture Tubes have now agreed to plead guilty to criminal price-fixing charges. Their collective penalty: A whopping $585 million in fines.

According to reports, the price-fixing scheme ran from roughly 2001 to 2006, with LG facing the bulk of the penalty, a $400 million fine, which Cnet notes is the second-highest antitrust fine ever levied. Sharp is paying $120 million, and Chunghwa a mere $65 million. The affected companies who were forced to pay the higher prices that were settled upon in back-room deals by the aforementioned companies span the entire tech industry, including Apple, Dell, and Motorola.

Rest assured these fines don't trickle down to the consumer, who ultimately had to bear the cost of the price-fixing. Any remuneration paid to consumers would likely have to come from a civil suit (and that means a class action ordeal)... which invariably comes down to you getting a coupon for a $5 discount on the next LCD screen you purchase.

Meanwhile, the Justice Department says the investigation continues, so don't be surprised if you hear that other companies get wrapped up in this issue in coming months.

LINK: LG, Sharp, Chunghwa admit to LCD price fixing