A Taiwanese company convicted in March of price fixing might soon have to pay $1 billion for its crime if the Justice Department gets it way.AU Optronics Corp. was convicted earlier this year of fixing prices on liquid-crystal display panels and is set to be sentenced today in San Francisco, The Wall Street Journal’s Law Blog reported Wednesday night.
And the Justice Department is going for blood.
The department has reportedly asked U.S. District Judge Susan Illston to not only impose 10-year prison terms for two of the company’s executives but to order AU Optronics to fork over $1 billion in fines.
That single fine is nearly double what the department gained in all criminal antitrust fines last fiscal year and is more than the $890 million the other seven companies involved in the price-fixing scheme were collectively ordered to pay, according to Law Blog.
No explanation was offered for the harsh requests but we should know by the end of the day how things shake out.
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