Hitachi-LG exec to plead guilty to price fixing: U.S.

Reuters News
Posted: Apr 30, 2012 5:30 PM
Hitachi-LG exec to plead guilty to price fixing: U.S.

WASHINGTON (Reuters) - An executive with Hitachi-LG Data Storage has agreed to plead guilty and serve a prison sentence for rigging bids for optical disk drives for computers, the U.S. Department of Justice said on Monday.

Senior sales manager Woo Jin Yang was accused of rigging bids for drives sold to Hewlett-Packard Co between 2006 and 2009, the Justice Department said.

He faces four felony charges filed in the U.S. District Court for the Northern District of California, and has agreed to spend six months in prison and pay a fine of $25,000, the government said.

Hitachi-LG Data Storage, a joint venture of Hitachi Ltd and LG Electronics, and four of its executives have been accused of conspiring to fix prices of the devices that can read and put data onto CD-ROMs and DVDs.

The company was ordered to pay a $21.1 million fine last November.

Three other executives are awaiting sentencing.

(Reporting by Diane Bartz)