When lawyers for a class of direct purchasers won a $261 million jury verdict against Toshiba Corp. early this month in the sprawling liquid crystal display antitrust litigation in San Francisco federal court, the award represented just a tenth of the $2.6 billion the plaintiffs were seeking at trial. Still, on top of $443 million in settlements that the plaintiffs have won from other LCD-maker defendants in the case, the verdict was nothing to sneeze at.

Except that’s exactly what Toshiba did. Toshiba announced immediately following the July 3 verdict that “credits for settlements by other defendants” would absolve the company from having to pay. On July 13 Toshiba’s lawyers at White & Case explained their reasoning in a brief to U.S. District Judge Susan Illston. Because the jury found Toshiba liable for the same price-fixing conduct alleged against the other defendants, they argued, the prior settlements must be “set off” against the $261 million damages award.

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