EU hits screen makers with record cartel fine
- Published: 5 Dec 2012 at 19.47
- Online news: World
The European Commission on Wednesday hit seven top TV and computer screen makers, including LG Electronics and Philips, with a record fine of 1.5 billion euros for running decade-long price-fixing cartels.
Cathode ray tubes to be used for TV and computer monitors on a production line in Suwon, South Korea. European Union anti-trust authorities announced Wednesday a record fine for running a cartel, ordering seven companies including LG Electronics and Philips to pay nearly 1.5 billion euros ($1.9 billion) for jacking up the prices for TVs and computer screens for a decade.
"It's the biggest fine for a cartel decision," EU Competition Commissioner Joaquin Almunia said.
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