I have the same problem but my screen image is shifted down about 1 cm.
-monitor is U2412M purchased from Amazon
-using Lenovo thinkpad w/ Intel HD graphics
-Windows 7 Pro
-plugged in using Dell supplied blue VGA cord
I just received this less than a couple days ago so wondering if I need to just exchange the monitor for a new one. The vertical positioning adjustment within the display settings is not responding. The horizontal appears to work fine however.
Thanks for any input
jc