The American Antitrust Institute (AAI) presented awards for achievement in antitrust litigation at its annual conference in Washington DC. Janet Netz was awarded the Outstanding Antitrust Litigation Achievement in Economics for her work In re TFT-LCD Antitrust Litigation. Dr. Netz was the testifying expert for the indirect purchaser plaintiffs (IPPs) in the price-fixing case involving nine Asian manufacturers of flat panel LCD screens that were incorporated in TVs, computer monitors, and laptops. The IPP case settled for $1.082 billion in cash, which is easily the largest all-cash indirect purchaser settlement in history, and also one of the largest settlements ever in any private civil antitrust case.
The nine manufacturers that comprised the cartel supplied approximately 98% of the worldwide market for large LCD panels during the period the cartel operated, 1999-2006. Sales of LCD panels at issue to class members were approximately $23.5 billion during this period. Representatives of the cartel’s member companies, including senior executives (several of whom accepted prison terms), met about once a month for years to collude on capacity and output, and to fix prices.
Dr. Netz and applEcon worked on this litigation for five years, submitting thirteen expert reports and declarations; Dr. Netz was deposed four times. After submitting a declaration and rebuttal in support of class certification, Dr. Netz subsequently submitted an expert report and rebuttal on the merits, as well as additional written testimony on several other topics including ascertainability and class decertification. The work of applEcon was instrumental in many legal filings, including responding to a Daubert motion. The judge cited Dr. Netz’s work in many of the judge’s rulings. This award is a reflection of the dedication, hard-work, and commitment shown by applEcon staff members, all of whom share in this award. The quality of this work is illustrated by Martin Quinn, the court-appointed Special Master in this matter, who wrote, “it is no exaggeration to say that the IPP case rose and fell on Dr. Netz’s testimony.”
For more information on this litigation, see the applEcon LCD case study.
The American Antitrust Institute is an education, research, and advocacy organization working to increase the role of competition, assure that competition serves the interests of consumers, and challenge abuses of concentrated economic power in the American and world economy. For more information, see American Antitrust Institute.