EU imposes record fine on cartel that includes LG, Panasonic, Philips

EU imposes record fine on cartel that includes LG, Panasonic, Philips
The European Commission has imposed a record fine for antitrust against six major companies for practicing as a cartel for the better part of a decade.

Philips, LG Electronics, Panasonic, Samsung SDI, Toshiba and Technicolor will have to pay 1.47 billion euros together for their part.

EC officials concluded the companies fixed prices on CRT monitors and TVs for years, meeting in secret in different locations from 1996 all the way until 2006.

"These cartels for cathode-ray tubes are 'textbook cartels': they feature all the worst kinds of anti-competitive behavior that are strictly forbidden to companies doing business in Europe," EU Competition Commissioner Joaquin Almunia said in a statement.

Philips will have to pay the largest portion of the fine, at 313.4 million euros. LG will have to pay 295.6 million and Panasonic will have to pay 157.5 million. Samsung SDI was fined 150.8 million euros, followed by Technicolor at 38.6 million and Toshiba at 28 million.

Additionally, a joint venture between LG and Philips was fined 391.9 million, adding to both company's woes. Philips and LG have already said they plan to appeal.

Written by: Andre Yoskowitz @ 5 Dec 2012 23:19
Philips LG Cartel crt tv
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  • ZippyDSM

    Racket? Anti Trust? GO AFTER THE DAMN FILM AND MUSIC INDUSTRY!!!!!!!!!!!!

    Copyright infringement is nothing more than civil disobedience to a bad set of laws. Lets renegotiate them.

    Check out my crappy creations

    6.12.2012 11:23 #1

  • Azuran

    I wonder how these fines compare to how much the illegal practices netted them in income.

    7.12.2012 14:56 #2

  • Notcow

    One of the biggest reasons I have to not like Samsung: their price fixing. I can't get over how such an innovative and consumer-oriented company can go about taking the huge PR and financial risk of racketeering. Shame, shame.

    7.12.2012 22:23 #3

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