Next Score View the next score

    EU fines firms $1.92b for price fixing

    BRUSSELS — Europe’s top antitrust regulator on Wednesday announced fines totaling $1.92 billion for seven companies accused of fixing the price of picture tubes for television and computer screens over 10 years, through 2006.

    The regulator, Joaquin Almunia, said the activity had helped delay the market adoption of flat-panel screens for TVs and computers.

    The fines added up to the largest single penalty for price fixing yet imposed by the European Commission.


    Companies that received some of the highest fines included LG Electronics, Philips, Samsung, Panasonic, and Toshiba. Chunghwa, a Taiwanese company, received full immunity from fines because it revealed the conspiracy. The companies involved operated two cartels, one for computer screens and the other for televisions, Almunia said.

    Get Talking Points in your inbox:
    An afternoon recap of the day’s most important business news, delivered weekdays.
    Thank you for signing up! Sign up for more newsletters here

    The commission said the cartels operated for a decade, beginning around 1996, and had engaged in the most organized market manipulation it had ever investigated. The conspiracies included price fixing, market sharing, customer allocation, and exchanges of sensitive commercial information.

    The cartels ‘‘feature all the worst kinds of anticompetitive behavior that are strictly forbidden to companies doing business in Europe,’’ said Almunia.

    There had been ‘‘serious harm’’ to producers in Europe and to consumers, he said, explaining that the cathode ray tubes had accounted for up to 70 percent of the price of screens.