(Associated Press via NewsEdge) Samsung Electronics, the world's largest memory chip maker, agreed to pay $90 million to settle a lawsuit charging the company and others with price-fixing, New York Attorney General Andrew Cuomo said.
The suit, filed in July, claimed Korean-based Samsung and numerous other companies made secret arrangements to raise the prices of DRAM chips.
About $80 million of the settlement will go to consumers nationwide while $10 million will cover losses suffered by states and local governments, Cuomo's office said.
The 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.
The settlement 'puts the DRAM antitrust matter behind us,' said Chris Goodhart, a spokeswoman for Samsung, a top producer of flat-screen televisions, mobile phones, MP3 players and laptop computers. 'Samsung is strongly committed to legal and ethical business practices and is moving forward with its aggressive compliance program.'
The lawsuit was one of several filed following a US Justice Department investigation that began in 2002 into whether computer chip companies conspired to manipulate the number of DRAM chips released to market in a scheme to inflate prices.
The investigation resulted in more than $730 million in fines and guilty pleas from four companies, Samsung, Elpida Memory, Infineon Technologies, and Hynix Semiconductor.
Â© 2007 The Associated Press
Â© 2007 Dialog, a Thomson business. All rights reserved