Report: European Commission Will Fine Six Electronics Companies Over CRT Price Fixing
According to a Reuters report, the European Commission is planning to level fines at six major electronics companies that participated in a price-fixing scheme for CRT displays in the late ‘90s.
The apparently guilty parties include LG Electronics, Philips, Samsung SDI, France’s Thomson, Panasonic, and Toshiba. Presumably, the companies have all been bracing for this inevitability, as they were raided by the European Commission five years ago, and the day of reckoning is likely to be November 28th.
European Commission building
It’s unclear how much the sanctions against the companies may be, but because of the length of time over which the price fixing occurred, they may be steep. If the EU so chooses, it can dock them up to 10% of their turnover. As a result, Philips could be on the hook for $2.9 billion USD, and for LG it could be up $5 billion USD.
CRT TVs and computer monitors have largely faded into oblivion, having given way to flat panel displays such as LCDs, plasmas, and LEDs, but the European Commission apparently hasn’t let old wrongs go unpunished.
The apparently guilty parties include LG Electronics, Philips, Samsung SDI, France’s Thomson, Panasonic, and Toshiba. Presumably, the companies have all been bracing for this inevitability, as they were raided by the European Commission five years ago, and the day of reckoning is likely to be November 28th.
European Commission building
It’s unclear how much the sanctions against the companies may be, but because of the length of time over which the price fixing occurred, they may be steep. If the EU so chooses, it can dock them up to 10% of their turnover. As a result, Philips could be on the hook for $2.9 billion USD, and for LG it could be up $5 billion USD.
CRT TVs and computer monitors have largely faded into oblivion, having given way to flat panel displays such as LCDs, plasmas, and LEDs, but the European Commission apparently hasn’t let old wrongs go unpunished.
