Samsung Pleads Guilty in Price Fixing Case

Posted Tue Mar 22, 2011 at 01:00 PM PDT by Dick Ward

The company was fined a whopping $32 million.

Samsung is the first company to be officially fined in the price fixing scandal that took place between 1997 and 2006. Samsung SDI agreed to plead guilty to the charges and pay the significant penalty.

In addition to Samsung - the first company to be found guilty - six individuals have been indicted for price fixing. Another 22 executives and eight companies have been charged and the investigation is still happening.

The US Justice Department's statement on the matter is pretty straightforward. "Samsung SDI and co-conspirators exchanged CDT sales, production, market share and pricing information for the purpose of monitoring and enforcing adherence to their agreements."

Source: PhysOrg (via Crunch Gear

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Tags: Legal Cases, Price Fixing, Samsung (all tags)