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.
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.
