SAN FRANCISCO (Business Wire EON) November 27, 2007 -- Class counsel for businesses and individuals that purchased cathode-ray tubes (“CRTs”) and products containing CRTs from manufacturers announced the filing today of a class action complaint alleging defendants operated a global cartel to fix the prices of CRTs sold in the United States.
“With the rapid fall in demand for CRTs in the United States over the past decade due to the introduction of technologically superior products, prices for CRTs should have rapidly declined as well,” stated plaintiff’s counsel Joseph R. Saveri of Lieff Cabraser Heimann & Bernstein, LLP. “Instead, for almost a decade, we have seen periods of unnatural and sustained price stability, as well as inexplicable increases in the prices of CRTs.”
CRT technology has been in use for more than 100 years. CRTs can be found in a wide range of products including computer monitors and televisions. “Despite the enormous size of the CRT industry, it is dominated by a small group of manufacturers,” Saveri added. “The complaint charges that these manufacturers participated in a global cartel to fix the prices of CRTs.”
The complaint alleges defendants’ collusive behavior artificially inflated the price of CRT products, causing plaintiff and other direct purchasers to pay more than they should have. The defendants include multinational electronics corporations Chunghwa, LG Electronics, Matushita, Philips Electronics, Samsung and Toshiba. A number of these companies have been the subject of coordinated enforcement actions by the United States Department of Justice and competition authorities in Europe, Japan and South Korea. Chunghwa recently confirmed it had a received a subpoena relating to CRTs issued by a California district court. A federal grand jury operating under the auspices of the United States Department of Justice, Antitrust Division (“DOJ”) through its San Francisco office issued the subpoena.
| Plaintiff seeks to represent the following class of businesses and individuals: | ||
| All persons and entities residing in the United States who, from May 1, 1998 through the present, purchased CRT Products in the United States directly from the Defendants. Specifically excluded from this Class are the Defendants; the officers, directors or employees of any Defendant; any entity in which any Defendant has a controlling interest; and any affiliate, legal representative, heir or assign of any Defendant. Also excluded are all governmental entities, and any judicial officer presiding over this action. | ||
Further information on the litigation, including a copy of the consolidated class action complaint, can be obtained at www.lieffcabraser.com/antitrust/crt.htm.
Contact Class Counsel
Antitrust laws are designed to protect the economy and to promote competition among businesses by prohibiting price-fixing and other forms of anticompetitive conduct.
Individuals, businesses, public agencies and other entities that have purchased CRTs or products incorporating CRTs are welcome to contact plaintiffs' counsel. Learning of your experience in purchasing these products will assist us in prosecuting the litigation. We will review your claim without charge or obligation.
You may contact Lieff Cabraser partner Eric B. Fastiff at 1-800-541-7358 or at efastiff@lchb.com.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP is a fifty-plus attorney law firm with offices in San Francisco, New York and Nashville. The firm represents businesses, governments and individuals as plaintiffs in class and group actions as well as in individual lawsuits in cases involving substantial losses. Since 2003, the National Law Journal has annually selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation.
Lieff Cabraser has played a prominent role in federal litigation under the Sherman Act on behalf of businesses in numerous markets including computer components, prescription drugs, polypropylene carpets, compact discs, credit cards, linerboard, carbon fiber, plastic laminates, flat glass, industrial pigments and vitamins. The firm has also successfully litigated antitrust claims against Microsoft Corporation for monopolistic practices, and achieved record recoveries against El Paso Gas Co. and wholesale electric companies for allegedly manipulating the price of energy in California.
Learn more at www.lieffcabraser.com.
Source: PRWeb: Legal / Law
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