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Computer And TV Companies Fined Record $1.93 Billion For Price Fixing

The European Commission orders six firms to pony up the cash after finding them guilty of running cartels.

Computer And TV Companies Fined Record $1.93 Billion For Price Fixing

Six tech firms are sharing a fine of $1.93 billion after the EU’s antitrust regulator found them guilty of price fixing. Philips, LG, Samsung, Panasonic, Toshiba and Technicolor (no, me neither) will all have to get their chequebooks out. A seventh, Chunghwa Picture Tubes, was excused a fine on account of its fine whistle-blowing technique.

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Joaquin Almunia, the EU’s antitrust chief, said that he had found evidence of two cartels between 1996 and 2006. One restricted the sale of TVs, while the other controlled the supply and sale of color displays found in desktop monitors. Documents relating to the matter were labeled “Please dispose the following document after reading it.” One even said: “Everybody is requested to keep it as secret as it would be serious damage if it is open to customers or European Commission (sic).”

[Image from Flickr user cdsessums]

About the author

My writing career has taken me all round the houses over the past decade and a half--from grumpy teens and hungover rock bands in the U.K., where I was born, via celebrity interviews, health, tech and fashion in Madrid and Paris, before returning to London, where I now live. For the past five years I've been writing about technology and innovation for U.S.

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