Evidence of price fixing has means the 10 manufacturers of LCD flat panels will pay out $1.1 billion the largest class-action lawsuit in U.S. history -- and you could get a chunk of that change.
Officials say the manufacturers conspired to fix the price of the components that later wound up in everything from flat screen TVs to laptops and computer monitors -- and now it's payback time.
A decade ago, Bruce Johnson was on the cutting edge -- but upgrading to a pair of 40-inch LCD televisions didn't come cheap.
"It was a new technology. I like new technology when it comes out -- you know, the better picture, better movie viewing," he explained, "but it was probably in the $4-5,000 for both of them."
Over the last 10 years, high-definition TVs have come a long way. On Black Friday, there were 60-inch flatscreens selling for $600. That means countless consumers like Johnson will be able to cash in on a settlement that found evidence of price-fixing between 10 major manufacturers, including the following:
Hitachi
LG
Sharp
Samsung
Toshiba
The minimum payout is $25 per item purchased between 1999-2006, and the process is surprisingly simple. No proof of purchase through receipts is required; however, the deadline to file is Dec.6.
"What we want is competition -- where someone sells something for a price," explained Garrett Blanchfield, a St. Paul attorney who specializes in anti-trust suits. "If someone can sell it cheaper, that's great. Everyone wins. Here, we lose that benefit -- we the consumer."
Blanchfield told FOX 9 News investigators combed through a million documents, including e-mails between competitors discussing what prices should be charged for the displays. Now, he hopes the settlement sends a message.
"By bringing this lawsuit -- and by getting a billion dollars in settlements from these folks, it might make the next group of companies that want to price fix think twice about whether it's really worth it," he said.
Thursday, May 23 2013 11:10 PM EDT2013-05-24 03:10:53 GMT
AP photo
Actress Amanda Bynes was arrested Thursday for allegedly smoking marijuana in the lobby of her Midtown Manhattan building, police said. The troubled celebrity is also accused of throwing her "drug paraphernalia"
Actress Amanda Bynes was arrested Thursday for allegedly smoking marijuana in the lobby of her Midtown Manhattan building, police said. The troubled celebrity is also accused of throwing her "drug paraphernalia"
Thursday, May 23 2013 10:17 PM EDT2013-05-24 02:17:32 GMT
New Jersey officials have seized inventory and demanded records from 29 bars and restaurants, nearly half of them TGI Fridays, that they say sold low-quality liquor to patrons who thought they were buying premium brands.
New Jersey officials have seized inventory and demanded records from 29 bars and restaurants, nearly half of them TGI Fridays, that they say sold low-quality liquor to patrons who thought they were buying premium brands.
Thursday, May 23 2013 10:11 PM EDT2013-05-24 02:11:26 GMT
An Edison, N.J., police officer was arrested and accused of setting fire to the home of a police captain in his department, according to the Middlesex County Prosecutor's Office.
An Edison, N.J., police officer was arrested and accused of setting fire to the home of a police captain in his department, according to the Middlesex County Prosecutor's Office.
Thursday, May 23 2013 10:04 PM EDT2013-05-24 02:04:45 GMT
Former Rep. Anthony Weiner launched his campaign for mayor of New York City this week, but his website seems to indicate he is running for office in Pittsburgh. The stylized and colorized image used in
Former Rep. Anthony Weiner launched his campaign for mayor of New York City this week, but his website seems to indicate he is running for office in Pittsburgh. The stylized and colorized image used in
Thursday, May 23 2013 9:49 PM EDT2013-05-24 01:49:53 GMT
AP photo
President Barack Obama plans to give the Jersey Shore a boost with a post-Memorial Day visit to showcase recovery efforts in the aftermath of Superstorm Sandy.
President Barack Obama plans to give the Jersey Shore a boost with a post-Memorial Day visit to showcase recovery efforts in the aftermath of Superstorm Sandy.
Thursday, May 23 2013 8:50 PM EDT2013-05-24 00:50:04 GMT
Heavy downpours sparked flash flooding across the tristate area on Thursday. The National Weather Service issued numerous weather alerts for many counties in New York, New Jersey, and Connecticut.
Heavy downpours sparked flash flooding across the tristate area on Thursday. The National Weather Service issued numerous weather alerts for many counties in New York, New Jersey, and Connecticut.
Thursday, May 23 2013 7:42 PM EDT2013-05-23 23:42:40 GMT
The Bronx Zoo has unveiled its animatronics dinosaur exhibit. The exhibit, called Dinosaur Safari, is something different from the zoo, which is better known for its exhibits of living animals. The ride
The Bronx Zoo has unveiled its exhibit of animatronics. The exhibit, called Dinosaur Safari, is something different from the zoo, which is better known for its exhibits of living animals.
