Samsung, LG, Philips and other TV makers fined $1.9 billion for EU price fixing

Some of the biggest TV manufacturers have been slapped with a $1.92 billion fine by the EU after regulators found the gang had been fixing prices of cathode-ray tubes for more than 20 years. Competition chief Joaquin Alumunia said that the group were acting as a cartel, featuring “all the worst kinds of anti-competitive behavior that are strictly forbidden […] in Europe.” Philips ate the biggest fine, having to pay $411 million, while LG, Panasonic, Samsung, Toshiba and Technicolor all coughed up between $386 million and $36 million. It follows an investigation which began in 2007 — just when we all fell out of love with the old-fashioned technical standard.

[Image Credit: Wikimedia Commons]

SOURCE: Reuters

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