Wireless and electronics stores owned by Standard General, RadioShack, have filed an antitrust lawsuit against five of the major electronics manufacturers in the United States. Moreover, details about the legal complaint released.
After the 1921 company RadioShack declared its bankruptcy during the early quarter of 2015, it has now in the headlines again after starting a battle with the electronic manufacturers of big leagues. According to International Business Times, the liquidation trustee for the former retail giant is accusing five of the world's largest electronics companies in having a conspiracy. The conspiracy is detailed in creating an intricate price-fixing scheme that artificially increased the cost of ODD, optical disk drives, that are mostly used in many devices such as computer and different appliances. The lawsuit targeted Sony Corporation, Toshiba Corporation, Samsung, Philips Electronics and Light-On IT Corporation wherein the companies allegedly conspired against RadioShack from January 2004 to January 2010.
Moreover, the News Archive USA reported that RadioShack included in the legal statements that they've lost millions due to ODDs. Optical Disk Drives are used to transmit data to and from CDs and DVDs wherein they are commonly utilized in laptop and desktop computers, game consoles and ofcourse, DVD players. The lawsuit stated that these companies who control 90% of the device market schemed RadioShack after they purchased $1 billion worth of ODDs during the 6 year period.
Lead Stories indicated that there are others who might have joined in the said scheme. Electronics companies such as Pioneer, Sharp, Quanta, TEAC, Panasonic, Hitachi, and LG are dubbed as the co-conspirators in the lawsuit. Furthermore, due to their behaviour, Peter Kravitz asserted that there is a violation of the Sherman Act and he is seeking for the damages and penalties depend on what the law will permit. In light of these accusations, Toshiba refused to give a statement while the other four still do not responds for any comments that they may have.
RadioShack might just have found its own finishing touch as they filed a lawsuit against five of the world's biggest electronics manufacturer. The lawsuit focuses on the possible conspiracy against them during a six year period regarding a main component called ODD. The company will be seeking reprimands for the damages they've received as stated in their filed lawsuit.
