HP to sue for over $1 billion in damages

HP.png

Hewlett-Packard, the world’s second largest computer manufacturer, has sued two LCD screen makers for damages suffered in a price fixing scam from 1998 to 2006.

HP has named two subsidiaries of Taiwan-based Tatung Company, a consumer electronics manufacturer, of leading the scheme which allegedly cost it over $1 billion in damages from overcharging.

In November one of the subsidiaries, Chungwha Picture Tubes, pleaded guilty to participating in the conspiracy, and agreed to pay a $62 million criminal fine.

LG Display Co and Sharp also pleaded guilty to participating in the scheme following a previous investigation by the US Justice Department.

HP says it bought the overpriced screens through its Singapore unit for use in computers in the United States and elsewhere.