Samsung and five others fined by EU for price fixing

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European Commission has fined Samsung SDI and five other companies – Philips, LG, Panasonic, Toshiba and Technicolor for forming a cartel to fix prices of TV and monitor cathode ray tubes. While Samsung SDI was fined 150.8 million euros, Philips got the biggest fine of 313.4 million euros followed by LG’s 295.6 million euro fine. Toshiba and Technicolor were fined 28 million euros and 38.6 million euros respectively, total amounting to record 1.47 billion euros.

EU Competition Commissioner Joaquin Almunia said this cartel practiced “worst kinds of anti-competitive behavior that are strictly forbidden to companies doing business in Europe.”

Source|Via