Hitachi-LG Data Storage Admits to Fixing ODD Prices

Written by John Ponio    Tuesday, 04 October 2011 15:39

Hitachi LG LogoLG Logo

Hitachi-LG Data Storage (a joint venture between the two companies) has agreed to pay a $21.1 million fine and plead guilty to charges of rigging bids and fixing prices of optical disk drives. They are also charged with one count of wire fraud wherein they shared sensitive information relating to noncompetitive business practices. Sharis A. Pozen, Acting Assistant Attorney General in charge of the Department of Justice’s Antitrust Division, said, "The bid-rigging and price-fixing conspiracies involving optical disk drives undermined competition and innovation in the high tech industry. The Antitrust Division is committed to prosecuting those who harm competition in the optical disk drive industry." To read about different deeds done by the joint venture, read a press release on the FBI's website.