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.
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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.