Innovation should have (and would have naturally) driven prices down had a few big boys not gotten together and used their collective might to prevent that competition.
It sucks that prices were too high but it sucks even more when actions like these halt innovation, usually using downright rotten legal means to prevent smaller competitors from entering the market to challenge the cartel's position.
The class action suit, even when it does not benefit end consumers much, works together with antitrust law to prevent industries from balkanizing into huge cartels, jacking up prices, controlling supplies to engineer shortages, and then forcefully ceasing all innovation.
And I wonder about "an inflated price". All prices are "inflated" because all companies make profit. That's what companies do...
Yes, I would like prices to come down and products to get better, and it is annoying (and perhaps illegal) when companies force that not to happen.
But really, if they kept prices high, and people still bought their product ... why should we legally twist companies arms to force their prices down?
Especially when there are other LCD manufacturers in the world who (presumably) couldn't introduce significant competition?
OK, in a caring society we have government intervention in food and water supplies, heating subsidies and medicine. But government forced cheaper consumer electronics? What?
No, you missed it. They want to make you buy a supercar if you want any kind of car at all. They'll use their lawyers, their influence and their money to keep anyone else from building you a Honda. Want a car? Get a Ferrari. Can't afford one? Walk.
If you don't watch it they might even get a lobbyist to pay some congressmen to pass a "walk tax".
In a 2004 Supreme Court decision, which was unanimous, cartels were called “the supreme evil of antitrust.”
“Cartels are regarded as the most dangerous form of anticompetitive conduct,” said Andrew I. Gavil, a law professor at Howard University. “The reason is that the potential impact on consumers is so great, and there is no plausible justification for it.”