Samsung SDI, Philips, LG, Technicolor, Panasonic and Toshiba are said to be facing heavy fines from the European Commission due to alleged involvement in a TV cathode-ray tube price fixing ring. According to Reuters, the fines will be announced on November 28th and can reach up to ten percent of the turnover during the period which the cartel was said to have ran. Based on 2011 revenues, LG could be fined up to $5 billion, while Dutch-based Philips would top out at around $2.9 billion. While the fines aren’t expected to reach such heights, it will definitely take more than a few Black Friday blowout sales to recover this type of coin.
Filed under: Home Entertainment, Samsung, LG
Samsung, Philips, LG and others reportedly set to face EU regulatory fines for CRT price fixing originally appeared on Engadget on Fri, 09 Nov 2012 14:58:00 EDT. Please see our terms for use of feeds.
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