Toshiba guilty in price-fixing case
LOS ANGELES — A federal jury in San Francisco found Tuesday that Toshiba Corp. knowingly participated in a conspiracy to fix the price of liquid crystal displays sold in the United States, contributing to $87 million worth of damages suffered by manufacturers and consumers.
LCDs are used in everything from flat-panel televisions to computers and mobile phones.
But Toshiba won’t have to pay that amount – even after damages are tripled to $261 million through U.S. antitrust law – because settlements by other defendants including Sharp, Samsung and LG, already cover the damages suffered.
Toshiba still disputed the verdict in the case, which was filed in 2007. Toshiba said it has no plans to alter its forecast for its fiscal 2012 earnings with respect to the verdict.
Barclays chief out in banking scandal
LONDON — Barclays Chief Executive Bob Diamond resigned Tuesday, the biggest scalp in a financial markets scandal that has ripped through the bank’s senior management and sown the seeds for a new investigation into Britain’s banking sector.
Jerry del Missier, appointed only last month as chief operating officer, resigned hours after Diamond left and a day after the chairman announced he would step down.
The bank released documents saying del Missier was responsible for ordering traders in 2008 to report dishonestly low borrowing rates because he had mistakenly concluded that the Bank of England had told Barclays to do so.