Firms fined €1.5bn for monitor-tube price fixes

Firms fined €1.5bn for monitor-tube price fixes

Seven companies have been fined almost €1.5bn by the EU for rigging the market in television and computer monitor tubes for a decade ending in 2006.

The EU’s Commission said that the companies, including Philips, LG Electronics and Panasonic, artificially set prices, shared markets and restricted their output for profit at the expense of the consumer.

EU anti-trust Commissioner Joaquin Almunia said that the cartels “feature all the worst kinds of anti-competitive behaviour that are strictly forbidden to companies doing business in Europe.”

Tubes were the essential part of television screens and computer monitors before they were replaced by flatscreens.

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