Samsung agrees to settle price-fixing suit for $90m

Samsung Electronics, the world's largest memory chip maker, agreed to pay $90 million to settle a lawsuit charging the company and others with price-fixing, New York Attorney General Andrew Cuomo, quoted by an Associated Press report, said.

The Associated Press report said the suit, filed in July, claimed Samsung and numerous other companies made secret arrangements to raise the prices of DRAM chips.

About $80 million of the settlement will go to consumers nationwide while $10 million will cover losses suffered by states and local governments, Cuomo's office said.

The settlement, which also includes numerous private class-action suits, is subject to approval in federal court in San Francisco. New York, California and Illinois were the lead plaintiffs in the case, the Associated Press report said.

The lawsuit was one of several filed following a US Justice Department investigation that began in 2002 into whether computer chip companies conspired to manipulate the number of DRAM chips released to market in a scheme to inflate prices.

The investigation resulted in more than $730 million in fines and guilty pleas from four companies, Samsung, Elpida Memory, Infineon Technologies, and Hynix Semiconductor, the report further said.