Financial Recovery Services Blog

TFT-LCD Update

Wednesday, November 2, 2011

TFT-LCD SETTLEMENT UPDATE

FRS Clients,

The thin film transistor liquid crystal display settlement that we have been tracking since 2009 recently settled. Sharp Corp., Samsung Electronics Co. Ltd. and others on Tuesday agreed to pay $388 million to settle claims brought by direct purchasers in the California multidistrict litigation alleging the companies conspired to fix prices for thin film transistor liquid crystal display panels.

Under the terms of the settlement the defendants agreed to pay the following: Sharp $105 million, Samsung $82.7 million, Chi Mei $78 million, LG Display $75 million, Hitachi $28 million, Hannstar $14.9 million, Sanyo $3.5 million and Mitsui $950,000 The Plaintiffs have already been helped by Chunghwa Picture Tubes Ltd. and Epson Imaging devices Corp. which settled for $10 million and $7 million respectively and have each cooperated with the plaintiffs in their case.

The electronics companies in this case have already paid hundreds of millions to settle antitrust charges brought by the U.S. DOJ. Chunghwa agreed to pay $65 million, Sharp $120 million and LG paid $400 million to settle claims with the government.

FRS is pleased to bring you this new information regarding the TFT-LCD Antitrust Settlement. There are no claim forms or supporting documents required to file as of yet. We would like you to make sure that if your company has document destruction policies that you take the necessary steps to insure purchase orders/invoices etc., pertaining to your purchases from the settling defendants are preserved in case we need them to substantiate and support your claim.

As you know we take great pride in representing and bringing your company the latest opportunities where we can obtain refunds or provide unique cost-saving programs. Many of our clients started off as class action or telephone excise tax refund clients and are now working with us on our personal property tax reduction or energy procurement programs. We recently saved one of our Fortune 50 Energy client over $1 million dollars in eleven months for operations only in one state and they have now asked us to manage their entire portfolio across the United States. Our personal property tax reduction partner also reduced one client’s tax obligation by $52 million over three years with a $17.3 million annual reduction.

Please contact Glenn Guior, GC at 201-853-0306 or Michael Epstein, CEO at 201-853-0303 so we can discuss how we may be able to save your company millions more. Thank you again for working with Financial Recovery Services.

Regards,
Michael Epstein, CEO