Bloomberg News

Seiko Epson to Pay $80M to Settle Nokia’s U.S., U.K. Lawsuits

December 26, 2011

Dec. 26 (Bloomberg) --Seiko Epson Corp., a Japanese maker of printers and scanners, agreed to pay $80 million to settle antitrust lawsuits filed by Nokia Oyj in the U.S. and U.K.

Seiko Epson will incur an extraordinary loss in its third quarter because of the settlement, the Nagano, Japan-based company said in a Tokyo Stock Exchange filing today. The settlement, relating to suits over supplies of liquid-crystal displays, won’t alter the full-year earnings forecast, according to the statement.

Yuzo Okada, a spokesman for Seiko Epson, declined to comment on a possible date for the settlement transaction.

Seiko Epson fell 0.7 percent to 1,017 yen at the close in Tokyo trading. The stock has lost 31 percent this year, compared with a 17 percent drop by the Nikkei 225 Stock Average.

--Editor: Suresh Seshadri, Subramaniam Sharma

To contact the reporter on this story: Kazuyo Sawa in Tokyo at ksawa3@bloomberg.net

To contact the editor responsible for this story: Anand Krishnamoorthy at anandk@bloomberg.net


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