Philips, LG Electronics, others face EU cartel fines Nov 28 -sources

BRUSSELS Fri Nov 9, 2012 10:29am EST

BRUSSELS Nov 9 (Reuters) - Philips, LG Electronics , Samsung SDI and three other firms will receive hefty EU fines at the end of the month for fixing prices of TV cathode-ray tubes, four people with knowledge of the matter said on Friday.

The sources said other companies involved in the cartel are France's Thomson, which was renamed Technicolor in 2010, and Japan's Matsushita, now known as Panasonic Corp. and Toshiba Corp..

The European Commission, which raided the companies in late 2007, will announce the fines on Nov. 28, according to a Commission document seen by Reuters and confirmed by the sources.

Sanctions are expected to be substantial, because the cartel lasted more than a decade from the late 1990s, one of the sources said.

The sources said Taiwanese company Chunghwa Picture Tubes alerted the EU antitrust regulators to the existence of the cartel, so will not be fined.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video