Samsung, LG, Philips and More Fined for Price Fixing in Europe

Posted Wed Dec 5, 2012 at 07:00 AM PST by Dick Ward

The total of the fines comes to just under two billion dollars spread out among the companies.

The European Commission announced a ruling today that fines six different companies for price-fixing and are fining them a total of $1.92 billion. According to the commission, between 1996 and 2006 executives from Samsung, LG, Philips, Panasonic, Toshiba, Chunghwa Picture Tubes and Technicolor would meet to fix prices and divide up the markets for their TVs.

The biggest fines go to Philips and LG, both of who are paying around double what Panasonic is paying. Philips has some legitimate beef here since they sold off that part of the company in 2001, but they intend to make a payment on the fine this year.

Panasonic is pretty unhappy about this as well. "Panasonic believes the EU decision is factually and legally erroneous," says a statement released by the company. They also say that they "will carefully review the decision and consider our options for appeal to the European courts."

Source: Reuters

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Tags: Samsung, LG, Panasonic, Philips, Price Fixing (all tags)