Everyone knows you 'don't do the crime if you can't do the time,' or in Toshiba's case, if you can't pay the fine. The only problem with that is Toshiba is innocent, or so the company claims, just like every single person serving hard time will tell you. Legally speaking, the U.S. District Court in San Francisco found Toshiba guilty of collaborating with other liquid crystal display (LCD) panel makers to fix prices at artificially high levels, and has ordered the company to pay $87 million to absolve itself of its sins.
Toshiba says the jury made a mistake.
"Toshiba has consistently maintained that there was no illegal activity on its part in the LCD business in the United States, and Toshiba continues to hold that view," Toshiba said in a statement, according to an AFP report.
The company went on to say that while it certainly "appreciates the jury's time and effort," the "verdict is in error as to the finding of wrongdoing." Toshiba is also confident that it will never end up having to a pay a single cent of the $87 million fine.
This is all related to a class action lawsuit filed back in 2007. The suit accused competing LCD makers of conducting secret meetings in karaoke bars, tea rooms, and hotel conference rooms in Taiwan to set artificially high prices for LCD panels. Chi Mei Innolux, Chunghwa Picture Tubes, Epson Imaging Devices, HannStar Displays, Samsung, and Sharp all agreed to pay a combined $538 million to settle the suit back in late 2011.