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Samsung agrees to pay $90M in price-fixing

Feb. 6, 2007 at 6:20 PM   |   Comments

NEW YORK, Feb. 6 (UPI) -- Samsung Electronics Co. has agreed to pay $90 million to settle a price-fixing lawsuit, New York state's attorney general said Tuesday.

About $80 million of the settlement will go to U.S. consumers and $10 million will cover state and local-government losses, Andrew Cuomo's office said.

The lawsuit, filed in July, claimed South Korea's Samsung, the world's largest memory chip maker, and other companies secretly agreed to raise prices of dynamic random access memory, or DRAM, chips. The chips are used to hold data and temporary instructions used by personal computers and other digital products.

The illegal activity allegedly continued until the U.S. Justice Department began a criminal price-fixing investigation in June 2002, Cuomo's office said.

Tuesday's settlement, which also includes numerous private class-action suits, is subject to approval in federal court in San Francisco. New York, California and Illinois were the lead plaintiffs in the case that also involved 37 other states.

© 2007 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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