Major Electronics Companies Find a Combined $1.92 Million for Price Fixing

Posted: Dec 5 2012, 11:01am CST | by , in News | Home Entertainment


Major Electronics Companies Find a Combined $1.92 Million for Price Fixing

Another TV pricing cartel lands massive fines in the EU

A group of six major electronics companies from around the world have been fined a combined $1.92 billion for forming a price-fixing cartel having to do with the TV industry. This isn't the same fine handed down for the companies who participated in the price-fixing conspiracy in the LCD industry. This latest find litigants companies by the EU was for fixing the prices of TV cathode ray tubes.

The fine totals $1.92 billion in the US or €1.47 billion. The largest single fine levied was against Philips at €313.4 million. LG was fined €295.6 million. Panasonic was fined €157.5 million, Samsung SDI was fined €150.8 million, Toshiba Corp was fined €28 million, and a French company called Technicolor received a €30.6 million fine.

Another company participated in the price-fixing cartel, which lasted almost a decade, but escaped with no fine. This company is Chunghwa Picture Tubes who acted as the whistleblower on the cartel therefore escaping any fine.

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<a href="/latest_stories/all/all/3" rel="author">Shane McGlaun</a>
Leading our review center, Shane McGlaun (Google) knows technology inside out. His extensive experience in testing computer hardware and consumer electronics enable him to effectively qualify new products and trends. If you want us review your product, please contact Shane.
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