Chip maker pleads guilty

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWalnut’s Malik Khouzam voted Southern California Boys Athlete of the Week The guilty plea by South Korea-based Samsung Electronics Co. Ltd. and its U.S. subsidiary, Samsung Semiconductor Inc., was announced at Justice Department headquarters. The court papers are expected to be filed within 30 days in U.S. District Court in San Francisco. A printed statement from Samsung says the company “strongly supports fair competition and ethical practices and forbids anti-competitive behavior.” WASHINGTON – Samsung, the world’s largest maker of memory chips for computers and other gadgets, will pay a $300 million fine to settle accusations it secretly conspired with industry rivals to fix prices and cheat customers, federal officials said Thursday. The Justice Department’s acting antitrust chief, Thomas O. Barnett, said seven Samsung employees are not legally protected from further prosecution under the company’s guilty plea to a felony price-fixing charge – an indication the seven may individually face criminal charges. “That’s a decision for us to make moving forward,” Barnett said. He added that prosecuting executives – not just the companies where they work – is an important deterrent against future price-fixing. Samsung’s plea agreement caps a three-year investigation by the Justice Department into makers of the chips, a $7.7 billion market in the United States. Two of Samsung’s leading rivals earlier paid fines totaling $345 million and pleaded guilty of involvement in a scheme the government said boosted prices that consumers paid for computers between 1999 and 2002. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more