LCD makers fined $857 million for price fixing
Thursday, December 9, 2010 at 9:36AM Other news today has the European Commission issuing a fine to AU Optronics, Samsung, LG, Chimei InnoLux, Chunghwa Picture Tubes and HannStar Display after the companies held so called "Crystal meetings" between 2001 and 2006. The fine? €648.925 million ($857.49 million).
The goal of these meetings was for the sic companies to agree on a price range for their products and the minimum pricing on LCDs.The intent of this agreement was of course to boost profit for these companies. Interestingly, Samsung was the company that reported the meetings and their content and was granted immunity. Each company was fined a different amount.
"Foreign companies, like European ones, need to understand that if they want to do business in Europe they must play fair," Joaquín Almunia, Vice President of Competition Policy in the EC, said in a statement. "The companies concerned knew they were breaking competition rules and took steps to conceal their illegal behavior. The only understanding we will show is for those that come forward to denounce a cartel and help prove its existence."
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