EU imposes record $1.9 billion cartel fine on Philips, five others

By Foo Yun Chee – The European Commission imposed the biggest antitrust penalty in its history on Wednesday (Dec 4), fining six firms including Philips, LG Electronics and Samsung SDI a total of 1.47 billion euros ($1.92 billion) for running two cartels for nearly a decade.

The Commission said executives from the European and Asian companies met until six years ago to fix prices and divide up markets for TV and computer monitor cathode-ray tubes, technology now mostly made obsolete by flat screens.

Between 1996 and 2006 they met in Paris, Rome, Amsterdam and in Asia for “green meetings”, so-called because they often ended in a round of golf. more>

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