TweakTown
Tech content trusted by users in North America and around the world
5,676 Reviews & Articles | 36,075 News Posts
Weekly Giveaway: Fractal Design Arc Cases Contest (Global Entry!)

LCD makers fined $857 million for price fixing

Various LCD makers get busted for price fixing - nearly $1 billion in fines handed out

| Displays & Projectors News | Posted: Dec 9, 2010 1:00 am

The European Commission has issued 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).

 

TweakTown image news/1/7/17963_398.jpg

 

The goal of these meetings was for the 6 companies to agree on product range pricing and the minimum prices of LCD's, with the intent of the agreement to boost their own profits. All 6 companies knew it was illegal and tried to cover it up.

 

Samsung was the one who reported the price fixing and was thus granted immunity (kinda like Survivor) they held that torch and were not allowed to be eliminated. Each company was fined a different amount, the breakdown of this is €215 million ($284.10 million) for LG, €116.8 million ($154.34 million) for AU Optronics, €300 million ($396.42 million) for Chimei InnoLux, €9.025 million ($11.93 million) for Chunghwa Picture Tubes, and €8.1 million ($10.70 million) for HannStar Display.

 

"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 behaviour. The only understanding we will show is for those that come forward to denounce a cartel and help prove its existence."

 

NEWS SOURCE
Techspot.com

Related Tags

Further Reading: Read and find more Displays & Projectors news at our Displays & Projectors news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts

Latest Downloads

View More Latest Downloads

TweakTown Web Poll

Question: Did EA kill the Battlefield franchise with the terrible BF4 issues?

Yes, Battlefield is doomed

No, Battlefield will live on strong

I'm not sure, but I know EA needs to improve its game

or View the Results

View More Polls

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases
Get TweakTown updates via Facebook!
Just click the "Like" button below